With just under 45 homes on the market as of February 24th, we are looking at a relatively consistent market in Boring, OR. We are seeing an average list price of just under $400,000, with the asking price per square foot at $170 per square foot. With the market being as such, buyers are still seeing an overall advantage over sellers. This neutral trend favoring buyers will likely remain for the foreseeable future so long as these market conditions persist. Homes on acreage in the Boring area including hobby farms and horse properties remain in demand as area residents and buyers enjoy space outdoors for activities.
The average days on the market is sitting at just over 200 days, and has been at this number for the past few weeks. Even though this number has been the same in weeks past, we are looking at a strong downward trend in the near future. Most of the homes sitting on the market for 200 plus days are in the upper quartile, and they average over a year on the market. Of the current listings in Boring, about half of those have come on the market in the last 130 days. With the long amount of time homes are on the market, buyers could see prices drop, which would strongly benefit them. Time will tell, as factors such as the overall economy, wages and standard of living all coalesce as factors in the direction of the residential housing sector.
Disclaimer: The above article is not investment or legal advice. Nor is it intended to promise or predict future financial profits or losses.