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March 2023 Housing Market Report for Central Oregon

March 2023 Housing Market Report for Central Oregon

Spring is just around the corner as we make our way into the third month of the year. Along with expecting changes in the weather, we are noticing positive changes in the housing market. This is shown through the March Beacon Report for Central Oregon, where specifically, there were 33% more closings in February than in January— very encouraging for local homeowners looking to sell! There are more signals of an uptick in market activity from the MLS Data as well. This article will provide you with what is changing and what to expect in the Central Oregon Housing Market this season. 

March 2023 Beacon Report for Central Oregon 

Analyzing the Beacon Report for March, we can see an optimistic outlook for listing season. The number of closings has increased significantly since last month (from 84 to 112). However, it’s not all rainbows and sunshine reported just yet. (though the Beacon Report does lag behind the MLS for the most current information). The total median price decreased 3% month over month and the days on market have increased by roughly 41% to 51 days—which is coming into alignment with the MLS Data for Active listings.

Strategies for Interest Rate Volatility

Interest rate volatility continues to provide opportunities for our clients when armed with the right strategy. When rates are under 6.5 percent, we are advising clients to lock in and take advantage of reduced house prices, and be open to refinancing at a lower rate when the opportunity presents itself. When rates are above 6.5 percent, sellers are offering more in the way of rate buy-downs and concessions, while there is less buyer competition for the limited inventory. Watch the video to learn more about how to make the volatility work for you.

Video: Central Oregon Housing Market Update March 2023

Let’s check how the numbers are playing out in the MLS Data for Bend.

MLS Data for Bend, Oregon

As always, the MLS data reflects the most current information, while the Beacon Report reflects the homes that closed the previous month.

Distilling the recent MLS data, there is plenty of optimism for the coming season.

  • Total listings are down nearly 5% since early February
  • 20% less properties on the market adjusted their prices
  • Properties that did adjust their prices dropped less than last month (1.89% change)
  • Days on the market dove 41% since early February

That is quite the improvement over February!

There are two major factors for these changes:

1) Interest rate volatility is causing downward pressure on prices

2) Lack of inventory is providing upward pressure on prices

The Bottom Line:

We do expect continued volatility this year, with both the interest rates in flux and inventory in demand.  If you’re interested in talking with one of our agents, contact us today.

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.

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