April 2023 Housing Market Report for Central Oregon
Spring is hatching in Central Oregon! As the temperatures rise, so does the housing market activity. More homes are selling and spending fewer days on the market, as shown through the April 2023 Beacon Report for Central Oregon. Average days on market went from 51 days in February to just 13 days in March—the biggest drop we’ve seen since last summer. This change appeals to both buyers and sellers, indicating quicker transactions and less time playing the waiting-to-sell game.
April 2023 Beacon Report for Central Oregon
The Central Oregon real estate experienced a surge during the pandemic years, but now our trends are falling back into a seasonal rhythm. Days on Market are shrinking as spring listings come online, and as seasonally expected, we haven’t seen a decline in days on the market at this rate since last fall. This could mean we are in the midst of a competitive market, especially in relation to the lower inventory levels. Additionally, the total closings have increased by around 11.6%, to a total of 125 closings.
The median sale price has also increased slightly, to about $335k/square foot. In addition to this price change and days on market, this could indicate that things are moving faster, lending optimism to sellers who want to sell their house more quickly.
Buyers also have more to look forward to this spring, with prices down year over year, but for how long, is a good question.
In order to navigate this changing market, it’s important to find a good real estate agent for the best strategies. You can contact us here, to get started.
In comparison to the March 2023 Beacon Report for Central Oregon from last month, we can see there are immense shifts that are occurring within the housing market. While inventory has not changed, it is encouraging to see more closings within this month.
MLS Data for Bend, Oregon
As a quick reminder, the MLS data reflects the most current information on all properties for sale, while the Beacon Report reflects the homes that closed the previous month.
In analyzing the MLS Data for Bend, there are some positive changes within the numbers:
- 9.21% less listings have changed price, which is good news for sellers as they are getting close to their listing price on the first try
- The number of listings has increased slightly, which is good news for buyers as they’re looking for their new home
So what does this all mean? It means that we are perhaps getting closer to normalcy within the market, providing opportunities to sellers and buyers alike to list and buy homes that will be a smooth experience.
If you’re wondering what that looks like in Bend, check out our latest blog article Has Spring “Sprung” For The Bend Housing Market?
Read the full Beacon Report for Central Oregon March 2023
If you want all the details about all Central Oregon locations, download this printable report.