Friday, November 27, 2009

High List Price Equals High DOM

The average listing price is creeping up to $261,000 for the current residential inventory with average days on market now at 354 for all 409 residential listings.

In the preceding 30 days to this post we have had 23 sales at an average sale price of $187,000. Of the properties that sold, the last list price was at $197,000.

If Florence were the only market in Oregon that was experiencing this kinds of statistical data, the local practitioners might be able to defend the gross overpricing and days on market.

In contrast Eugene is experiencing reasonable sale activity and only 77+/- days on market because those Eugen Brokers are listing homes in their area within 10% of the actual sale price.

If you are the unfortunate buyer stumbling in or calling in to the average floor duty real estate practitioner, you may very well find yourself upside down in a transaction.

Before comitting to a broker, make sure that you have checked out their references and they have the necessary skills and backgorund to properly represent you!

Saturday, November 21, 2009

Florence Sales Move Downward

We currently have 407 residential properties on the market at an average asking price of $260,000 with average days on Market of 348.

In the 30 days preceding this post, we have had 20 sales at an average closed sale price of $162,000. Of the properties that actual sold, the last known asking price was within $10,000 of the sold price.

None of the above comes as any surprise to me for three principal reasons.

First, the Florence market typically slows down in the winter months which may have some bearing on the 10 sales less than the last post.

Second, in a small market, one oceanfront sale can greatly skew numbers.

Third, the disparity between sales price and average sales price in Florence, is close to $100,000 at this check point. Industry accepted standards support listing a property within 10% of the actual sales price, not 20-40% we are now seeing. A wildy high asking price, will grossly increase days on the market and decrease the number of sales. Further it will tarnish the entire Florence Market as being over-priced.

I hope that Florence, Owner/Principal Brokers get serious about their professions and invite some of their broker-practioners to adopt a professional attitude about taking lisitngs or take a permanent vacation!

Monday, November 16, 2009

Sales Decrease as Listing Price Increases

During the 30 days preceeding this post, the Florence Real Estate Market has seen an average list price for 409 residential properties rise to $262,000 and the average Days on Market (DOM) rise to 341 days.

During the same period of time, the average sale price was $195,000 for the 27 residential properties that sold.

I spite of the above news. I am certain that there are many great buys in Florence that can be found with the aid of a knowledgable Buyer's Broker!

If you are thinking of buying, visit my Florence Oregon real estate website or give me a call. I will be glad to assist you!

Sunday, November 8, 2009

Florence Market Time Increases With Price

In the 30 days preceding this post, there are 420 residential listings with an average asking price of $260,000 and an average days on market of 335.

During the same period there were 30 sales at an average sales price of $187,000. Of the properties that sold, the asking price had finally been reduced to $192,000.

The moral of this story is that when your property is listed within 5% of the actual market, it will sell.

When you are thinking of selling make sure that your broker/agent has done a Comparable Market Analysis and that your property is priced within a reasonable range or you will loose money each month, in a declining market.

While a large segment of Florence's 85 real estate practitioners are still engaging in the lazy practice of "listing at any price" there are a few that are very conscientious.