The Central Oregon housing market remains fairly neutral as the weather cools down. In dissecting the September 2023 Beacon Report data for Central Oregon, we are seeing seasonally expected transaction patterns as the market starts to simmer down. Additionally, it is evident that the market is strong as median prices continue to rise. Dive into the October 2023 Housing Market Report for Central Oregon to get insights about this season in Bend.
Watch video: October 2023 Central Oregon Housing Market Update
October 2023 Beacon Report for Central Oregon
Heads up, The Beacon Report for October 2023, shows various sets of data on closed homes in September.
The median price per square foot is near all-time highs, at $379/SF. We haven’t seen rates this high since around August 2022. This is a good indication that the market is remaining strong and that the 8% interest rates are not bringing transaction volumes down.
In fact, even the slightest amount of decrease in mortgage rates could bring a significant amount of buyers into the scene.
Additionally, the data provides us with an insight into fewer closings, but this is expected due to the season. However, financed transactions are 30% lower with a slight increase in cash transactions. This could be reflecting the lack of financed buyers at decade-high mortgage rates.
MLS Data for October 2023
Through looking at the MLS Data, 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.
The MLS Data give us a few hints about this real estate market season:
- There are fewer listings, yet the Beacon Report data tells us there is at least 2 months of inventory for September
- Days on market for active listing is at 60 days, while closed listings are only 17 days. This could be a likely indication that there are a lot of active listings that need to come down in price to find buyers
- There are 165 listings with changed prices, about half of the total inventory. The majority of listings will eventually need price adjustments to find buyers.
Affordability is a huge topic of interest within the housing market and currently, prices and mortgage rates are at an all-time high. This shows an underlying strength to housing demand and begs the question: “Is this the new normal?”
That being said, if more homes do drop their prices it could provide openings for potential buyers.
Make sure to cozy up and keep an eye on the housing market, it can change within a season!
If you’re interested in buying or selling a home, don’t hesitate to reach out to us and a Bend Relo agent will get in touch with you shortly!