February 2023 Housing Report for Central Oregon
February 2023 Housing Market Report for Central Oregon
As the second month of the year is in full swing, the 2023 Housing Market Report for Central Oregon continues to evolve in surprising ways. For starters, there were fewer closings than in December, though there was a higher median price on homes sold. Yes, sold home values went up! For more insights, scroll down to get the scoop on the latest Bend, Oregon Beacon Report and MLS Data.
February 2023 Beacon Report for Central Oregon
As previously mentioned, the median home price in January 2023 ($685K) is higher than in December 2022 ($678K). Finally, an uptick after a downward slope in the second half of last year. Noteworthy, about 21% of sales were in the $1 million+ price points, which would pull up the median price.
Additionally, days on market for closed homes increased slightly, moving from 30 days in December 2022, to 36 days in January 2023. We may be looking at a result of seasonality (cold+snow) and slowed demand. Read more about this in January 2023 Central Oregon Market blog.
Housing inventory has decreased 33% from 1.5 months to only 1 month, which reflects the lack of sellers.
There have been questions of whether we’re in a bubble, or in a recession, but the latest reports are optimistic. Published this week in the New York Times: What Recession? Some Economists See Chances of a Growth Rebound:
Employers added more than half a million jobs in January, the housing market shows signs of stabilizing or even picking back up, and many Wall Street economists have marked down the odds of a downturn this year. After months of asking whether the Fed could pull off a soft landing in which the economy slows but does not plummet into a bruising recession, analysts are raising the possibility that it will not land at all — that growth will simply hold up.New York Times
We do anticipate the Central Oregon market picking up in February and March, in tradition of spring listing season and a possible increase in warmer weather. Buyers have become reinvigorated after the start of 2023, and sellers are being more realistic with their pricing- all this means we are seeing more of an equilibrium which is facilitating better conditions for people wanting to make a move.
MLS Data for Bend, Oregon
As a quick reminder, The Beacon Report shows data from homes that closed in the prior month, while the MLS information conveys all active properties for sale in the real estate market. Judging from the MLS data in Bend, there are a few notable takeaways.
The Central Oregon MLS numbers tell us median days on the market dropped slightly for the first time in a long time, inventory is up, and listing at last year’s prices is a costly mistake. More on our blog.
- Median days on the market decreased to 78
- Inventory is up from last month
- 104 listings changed their price, which is down considerably (24%) from last month and may be a leading indicator of a more stabilized housing market. Also promising is the percentage change of listings: it has decreased from nearly 7% last month to less than 6% this month.
Does this data leave you with any questions? If you are curious about real estate in Central Oregon, we’ve got you covered. We use up-to-date market information to ensure all of our clients make informed real estate decisions to find their next home. Contact us and we can make a strategy that works for you!