Florence Market Bump?

Today the market is still very slow although there appears to be a small bump in activity. Out 445 residential units for sale, there are now 12 sold for the 30 day period prior to this post. The average sale price of those 12 sales was$193,000. After a several month stretch of 5-6 residential sales/month for the entire area, 12 sales looks good. The average list price for the 445 properties that are currently active is $287,000. That tells me there is a glut of inventory (over 197 units) in the above $300k range of which, only 17 sold in the last 6 months. Sellers and their real estate practitioners still need to examine their pricing strategy or prepare for a long wait.

Florence real estate blog update

As of this posting, we have had 9 residential sales for the past 30 day period, up from 5 since the last post perviously reported. The avereage list price for all 445 active residential housing units is $288,000. The current average sale price for the last 30 days has been $162,000. Those nine properties were priced within 10% of the actual sales price. The current average sale price over a 6 month period is $222,000 covering 89 sales. The moral of this story is that property sells when it is priced within 10% of the actual market value. The rest of the listings will just sit costing the owner time and money.

Florence real estate activity up, but sales are down.

In the last 30 days it appears that more showings are taking place but the actual numbers of residential sales closed for the last 30 days, is down to 5. There are currently 15 residential sales pending in the last 30 days, but, is anyone's guess as to how many of those pending will actually close escrow. The properties closing are selling for prices that appear to be excellent values. I currently have a Florence lake front home, that is one of the best values seen on Woahink lake in years. My office is currently offering several well priced unique properties.

Best Florence real estate buys are hidden!

Florence has many excellent real estate values that are often lost in a large, over priced inventory. Currently we have 438 housing units for sale in the Florence area of which 62 are condos. While the average list price for a single family home today is $328,ooo, the average sale price during the last 6 months is $218,000. Unfortunately the "list at any price" broker creates the illusion of high prices and confuses buyers into thinking there are no good values today. The good news is that a good buyer's broker can help you find your best hidden values today. Often, I know of incredible bargains before they ever hit the open market. While only 5% of our market requires 3rd party approval today, there are at least an equal percentage of troubled properties not reported on the MLS.

I can help you find those properties. This link is to a gorgeous Florence riverfront home that the owner paid over $100,000 more than it is for sale today. Feel free to call me anytime direct @541-999-0511.