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As of this posting, we continue to move downward in inventory to 263 active residential listings in the Florence Oregon real estate market with a median asking price of $210000 and increasing to 303 DOM (days on market).
In the last 12 months we have sold 371 homes at a median sale price of $170000 and 263 CDOM (cumulative days on market).
In the last 6 months we have slowed to 184 homes at a median sale price of $176000 and 254 average CDOM. The last 6 months of 2013 were strong however, the activity since the 1st of the year has been unusually slow.
In the last 3 months we have slowed to 84 sales at a median sale price of $205,000 and 284 CDOM.
The last 30 days have netted only 26 sales at a median sale price of $181000 although I believe the annual trend of median sale prices will be closer to the high 160s.
In a small market like Florence, only one or 2 lakefront sales can create the false impression that the market is taking a rapid turn up. For instance a home with unique acreage South of town, had been on the market for the last 10 years with asking prices of well over 1 million dollars, just sold for $475000.
The good news is that the winter is the best time of year to purchase when sellers and agents are hungrier for a sale. Many sellers have been waiting for years to sell. Even though there are many properties grossly overpriced, there are still excellent opportunities for buying if you are properly represented with an experienceedbroker that understands the true worth of the property.
Do NOT make an offer without a thorough CMA being completed by your agent based on actual sales prices. Too many times CMAs include asking prices which can cause you to pay more than you should pay. Call a local experienced buyer’s broker today!
