The Real Estate Market for the first 6 months of 2015

The 2015 Real Estate Market on the southern Oregon coast has seen a tremendous improvement over the same period in 2014.  Beginning in 2011 this market has continuously seen improved growth in closed sales and an increase in median sales price. (the median being the mid-point of all real estate sales)  Year to date in 2015 the number of closed sales has increased by 27% and the median sale price has increased by 14.2%, over the same period in 2014. 

Consequently the number of available properties (listings) has decreased by 3.7% indicating that the benefit to the potential buyers, which they enjoyed for a long period of time, had really slowed down. The general rule of thumb is that when the inventory drops to where it would take 6 months, at the current rate of sales, to market that number of properties, neither the buyer nor the seller has any particular advantage.  We are now at 5.8 months of inventory.  This is the first time in many years, probably since 2007. 

Total time on the market has not changed significantly and remains in the area of 180 days.  This is generally the result of a larger inventory on the market, lack of enough new construction and the spread between the listed price and the eventual sales price. As the market continues to improve I would expect this length of time to be reduced.

Here at Century 21 Best Realty, Inc. we have been fortunate and have seen the number of units closed increase by 14% over the same period last year and the commissions increase by nearly 38%.  We are looking forward to continue to ride this growth cycle throughout the year.  The Century 21 brand name and the programs to support this digital type of marketing appear to give us some significant advantages. No other brand seems to have the amount of support systems for the Brokers that Century 21 does.