Florence OR True Real Estate Market in Autumn
Historically late Autumn and early Winter are still prime sales times for real estate here in Florence Oregon and this year is proving to be no different.
The chart below represents the average price per square feet that have sold here in Florence.
The Average Price of Square Feet rose 6.6% comparing the last quarter of 2017 with 2018. I am sure you have been hearing in national news sources that the real estate market is slowing down. That is not the case with us here in Florence! Those studies and data gathered are taken from high, metropolitan areas such as Portland and Seattle. Historically here in Florence we are 18 months behind the market trends of the larger cities. Which means, not only is our market still strong but it will continue to be this year.
Another factor to consider is our inventory. Reviewing the last 6 months I in the chart below, you can see how many properties were currently on the market during those months, in escrow and sold.
The numbers of properties for sale dropped radically beginning in May which, in turn, also declined the amount pending in escrow. The number sold though remained consistent and in fact went up towards the end!
In hindsight properties are still selling at the same rate and for the same value as they were back in Spring. Inventory has shrunk drastically since June. Buyers are still purchasing but are desperately running out of places to buy.
If you are thinking of selling now is great opportunistic time for you, with so many waiting until the Spring when the real estate market floods with new inventory. If you would like to speak about these market conditions or any others that affect our area of Florence Oregon feel free to give me a call at 541-999-9688.
Laura Wilson, Real Estate Broker
Windermere Real Estate, Florence Oregon