Florence Oregon Real Estate Market Report Summary for August

There were 467 active listings in the Florence Multiple Listing Service in August compared with 542 in August 2008, a decline of 13.9%. This decline may reflect sellers choosing not to list their home for sale in a very soft market, hoping for a better market in 2010. The Florence MLS includes homes north and south of the Florence city limits, and east to and including Mapleton. Average home sale price was $220,200 compared with $256,300, a decline of 13.3%. Days on the market increased by 27.5%, from 233 to 297. Closed sales declined by 28.8% year over year; 84 so far this year compared with 118 this time last year. Pending sales were up in August over last August but the Florence MLS is on track for a serious sales decline in 2009, right now, minus 28.8% compared with 2008. There have been no sales of homes over $1 million dollars this year and only 3 sales over $500,000. Since the greater Florence area is a retirement area, we depend on buyers moving here from California, Arizona, Washington and other such states. Until the markets there improve substantially, Florence's real estate market is likely to remain lethargic at best. Foreclosures in such areas as Sacramento and Phoenix are selling rapidly, a positive sign, but there is much more to go before Baby Boomers are able to sell their homes at a good price and relocate to Florence, Paradise on the Pacific.