Welcome to our latest edition of Real Estate Watch. Below we share our overview of the dynamic shifts and trends shaping the real estate landscape in our community.
Last year was interesting to say the least. The high interest rates really put a damper on overall market activity with most real estate brokerages down by double digits over previous years. Now that interest rates are generally under 7% and likely to move closer towards 6%, we expect a very active year as pent-up demand from both buyers and sellers gets released. If our read of the market is accurate, it’s going to lead to lower inventory levels and higher prices as we move through the year. So, if you’re considering buying in the next several months, doing it sooner than later will likely save you money.
This is the time of year when many active listings are “withdrawn” to give the listing a rest and then bring them back on market usually after 60 days, sometimes with lower prices, and/or upgrades. These “off-market” properties are still available for sale, but are not actively marketed. If you would like to know what is off-market, reach out to us.
As always, if you have questions about the market or the process of buying or selling, get in touch with us and we’ll share our thoughts and expertise to help you make the right decisions.
– Ken and Molly
PS. We really appreciate your referrals! If you have friends, family interested in Central Oregon real estate, please pass along our contact info. Thank you!
January 2024 – STATISTICS