Keeping It Real In Florence OR!

As I have predicted, the Florence, OR real estate market has seen the inventory increase to 448 residential properties, with an average asking price of $254,000 and a median asking price of $229,000.

During the last 30 days we have netted 18 sales with a median sale price of $184,000 although year to date, the median sales price is $154,000. It is apparent that many real estate practioners and sellers are not in touch with reality when it comes to pricing their homes.

Since the begining of 2009, the actual median sold price declined 26.67% from $210,000 to $154,000 today. In just 16 months, the value of seller's homes dropped 1.67% per month or about $3500/mo on a home worth $210,000 just 16 months ago.

So why should I care if the same old self serving, "list at any price" practioners carry on the same old policies? Because our clients are real people, with real financial problems and most of them can not afford a $56,000 loss because some practitioner did not have the ambition, skill or heart to tell them the truth. In many cases, the above home is still on the market for $250,000 or more.

The good news is that there are several great Florence Oregon real estate brokers that are willing to give a seller or buyer a current CMA before listing or buying and get the job done at a fair price.

Florence OR Real Estate Sales Up As Prices Decline

As of this post, the Florence Oregon the residential inventory has increased to 434 properties from just below 400 a few months ago. The current average asking price is $248,000 ($215,000 median) w average days on market of 350 (258 DOM median.

Historically I have posted the sales activity in the last 30 days, but am changing to a longer period of time to give an a more accurate picture of what is really happening.

For instance the last 30 days netted 20 sales at an average sales price of $219,000 ($196,000 median). The problem with doing a 30 day snapshot, is that there are wild fluctuations caused by even one rogue sale, of say $700k.

A more accurate picture is Year to Date. In this case we have sold 55 homes or about 18 homes/mo at an average sale price of $199,000 and a median sale price of $150,000.

One obscure, but encouraging statistic is that that the median sold cumulative days on market dropped to 113 days and sold within 10% of the median asking price. This tells me that some practitioners are taking time to do a CMA and are being credible enough to convince sellers that they need to price their properties correctly.

The Florence OR real estate market prices are still in delcine but there are great opportunities out their for anyone working with a knowledgeable Florence Oregon broker or Buyer's broker!