Sales in all three markets were up in the month of May, while Median Prices were down across the board. Softening home prices were the likely catalyst for the increased sales volume, as buyers snapped up what they felt were “deals” compared to the past couple of years.
Days On Market were generally flat, except for Sunriver, which still suffers from ridiculously low inventory levels. Months Inventory bumped up in Bend and Redmond, while Sunriver was unchanged.
As mentioned last month, the market continues to soften. Now is a good time for buyers to enter the market. You’ll benefit from lower prices, you’ll be able to take some time to search for the right home (but don’t take too long, as inventory is still low by historical standards), and you’ll likely be able to negotiate for things that are important to you (which you haven’t been able to do in past couple of years).
I do believe the market will soften further, but no one can predict the exact bottom, so don’t try. When you’re ready to start the search, start the search. When you find a home you love, buy it. Time is a far more valuable resource than a few bucks one way or the other.
Feel free to give us a call if you have questions about the market, especially if you’re considering a change to your real estate holdings.
– Ken and Molly
PS. We really appreciate your referrals! If you have friends, family, or people-you just-met-in-line-at-the-grocery-store interested in Central Oregon real estate, please pass along our contact info. We’re happy to return the favor!
Data summarized from – The Beacon Report