Thursday, August 27, 2009

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!


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