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February 2024 Housing Market Report for Central Oregon

While the start of a new year often signifies new changes, the February 2024 Beacon Report for Bend and Redmond shows little difference this month. However, it is clear that from the data the market is getting primed for the spring season in real estate. Get all the details about the February 2024 Housing Market Report for Central Oregon, here in the blog.

February 2024 Beacon Report for Bend, Oregon

As a quick reminder, The Beacon Report for February 2024, shows data on closed homes in January, the majority of which were negotiated in December and likely listed in October/November.

Showing signs of a market slowing, the median price dropped slightly since last December and days on the market have increased by about one week. The longer time on the market is indicative of winter weather and the typical seasonal slowdown. February of 2023, we saw a median of 51 days of the market, making this year slightly lower.

 The total amount of closings is nearly flat with December’s closings.

February 2024 MLS Data for Bend, Oregon

Heads up, it is important to remember that the MLS Data is more up-to-date than the Beacon Report, and it also represents all the properties on the market, unlike the Beacon Report, which only represents the properties that sold.

Across the whole board, we are seeing a decrease in everything this month in comparison to January’s data.

Here’s the latest Bend MLS rundown:

  • With a 17% decrease in total listings, this could mean that sellers are waiting for the opportune time to list their home when it warms up and the demand is higher.
  • There are eight fewer median days on the market this month, which indicates that the homes that were listed sold slightly faster than in January and we expect that to keep going down as we get closer to Spring.
  • There are 46 fewer listings with changed prices, meaning that sellers are not increasing or decreasing their prices as the price has stayed somewhat consistent. Additionally, there was less of an average change from the original price.

While this season is slower, it’s a good time for interested buyers to start house hunting as the seasonal lull can provide motivated sellers.

February 2024 Beacon Report for Redmond, Oregon

Switching over to Redmond’s Beacon Report, we can see a few slight changes, the most obvious one is the increase in closings. Jumping up to almost ten more closings than in December, this rise could signify a positive change occurring in the Redmond housing market even with the higher amount of median days.

Looking at this chart, we can see how similar this looks to last year when DOM (days on the market) peaked in February. 

The market should be thought of as a race, as it starts quickly and the countdown is happening in a short time span. For buyers paying attention, if it’s the right time for their situation to buy, it is the best time in the price cycle to make a purchase.

Additionally, there is one less month of inventory of homes in Redmond, breaking up some of the consistency we’re seeing. While there may be fewer homes in inventory, this could be due to the higher amount of closings in Redmond.

February 2024 MLS Data for Redmond, Oregon

Just a reminder, the MLS Data is more up-to-date than the Beacon Report, and it also represents all the properties on the market, unlike the Beacon Report, which only represents the properties that sold.

The Latest Redmond MLS Data:

  • There are fewer listings and more days on the market. However, this rate is not slower than in January as homes spent 15 days less on the market this month.
  • There were fewer listings with changed prices as well, with less of an average price change

Again, this change could be positive for buyers as they could be getting a better price on their new home.

As a whole, the data we are seeing is very similar to the numbers from the same time last year. Additionally, prices have come down almost 10% since September, which provides a lot of room for listings to run higher like they normally do seasonally, as shown from every previous spring record.

If you’re interested in buying or selling a home, reach out to Bend Relo. We are here to help you navigate this ever-changing market.

Read the full Beacon Report for Central Oregon February 2024

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