May 2023 Housing Market Report for Central Oregon
As Bend gets busier with spring outdoor activities and summer right around the corner, the Bend, Oregon housing market is also bustling. Reflected in the May 2023 Beacon Report for Central Oregon, we can see more inventory and less days on the market, which is what we have been waiting for. Spring listing season is upon us!
Watch: May 2023 Housing Market Report for Central Oregon
May 2023 Beacon Report for Central Oregon
The May 2023 Beacon Report for Central Oregon shows a high demand for smaller and more affordable homes—and those homes are selling in less than two weeks. We see that the increase in months of inventory is consistent with listing season, as people who waited through the winter to list their homes are selling them now, showing an increase of 40% in the months of inventory.
Additionally, the median price has decreased slightly to $669k, reflective of transactions that are occurring at a lower price point. The demand is actually driving up the price of smaller/more affordable homes, which is being reflected in the median price per square foot of $347 in April versus $335 in March.
The total number of closings has slightly increased by 3.2%, which will hopefully keep increasing as we get closer to the Summer season as listings are continuing to move faster.
MLS Data for Bend, Oregon
As 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.
Key takeaways from the May MLS Data:
- Listings are up! The Beacon Report and MLS Data shows us that spring listing season is here, with the MLS data reflecting 18% more homes on the market than last month.
- Days on the market plummeted to 22 days for all properties—and taking this into account with the Beacon Report, we can surmise that the more expensive and larger properties are sitting longer on the market, but not the sixty days or so we saw over the winter.
- Price adjustments are still happening, and the number of listings with changed prices did go up in the last 30 days. This could be a reflection of those higher-end properties lowering their prices to appeal to a bigger buyer market.
- Average price change is down, however, which means the amount that sellers are having to drop their prices is not as significant as it was last month.
All of this data, including the Beacon Report for Central Oregon and the MLS Data for Bend shows a positive upswing in the housing market as competition increases which benefits sellers and buyers alike. There are more affordable homes, and sellers are getting closer to their ideal price point.
Read the full Beacon Report for Central Oregon May 2023
If you want all the details about all Central Oregon locations, download this printable report.