Florence Oregon Real Estate Market Bump?

Finally. There seems to be a continued uptick in market activity for the Florence Oregon coast area.

In the preceeding 30 days to this post we have had 24 residential sales instead of the 10-15 sales we have been experiencing for months. The average sale price was $216,000, up from preceeding months which hovered below $200,000. The 6 month average sale price was $204,000 and the 12 month average was $214,000.

Now for the bad news. We still have an incredible 465 homes in our residential inventory with an average market time of 293 days on Market and an average asking price of $262,000. The majority of Florence Area practioners just can't seem to muster the courage, skill or effort to counsel their sellers to price their properties within 10% of actual sales prices like the rest of the world.

I am hoping that this uptick does not give sellers and their agents, reason to cling to the same false hope that they have been clinging to for the last 3 years.

A word of caution is in order. One month's sales activity in a small market does not make for a trend nor does it solve the nations growing debt that effects real estate values long term.

In any event, I am hoping that this is a trend!

Florence Real Estate Market Uptick

In the 30 days previous to this post, there were 18 sales out of the 469 active residential properties, with an average sale price of $170,000. The average asking price was $252,000 for the same time period.

Florence vs Eugene Oregon Real Estate Prices.

For the 30 days preceding this post, there are 471 residential properties for sale in the Florence area with an average asking price of $252,000 and a average market time of 279 days. Of those listings, 12 sold at average sales price of $185,000. The tunover in Florence last month was 2.5%.

In contrast the Eugene-Springfield metro area has 1736 residential properties for sale with an average asking price of $257,000 and 149 days on market. Of those listings, 267 sold at an average sales price of $243,000 and average market time of 78 DOM. The turnover in the Metro area was 15.4%.

Why are Eugene-Springfield agents selling over 6 times more property in less than half the time?

It is my personal belief that Metro list prices within $14,000 of the sold price, compared to Florence practioners asking $67,000 more than the sold price, is the answer.

The good news is that there are many excellent buys to be had in the Florence market, IF you are working with a knowledgable agent. In fact actual Florence data suggests homes on the coast are selling at historical lows!