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Is the Central Oregon Real Estate Market Slowing Down?
Numbers of Central Oregon Single Family Homes for Sale Up
One of the key components on the health of a real estate market is the inventory levels of the homes selling. In a balanced market, there are 6 months of supply. In Central Oregon, there has been a great lack of inventory for several years in most of the cities which has led to a seller's market with rising home values, multiple offers and in some cases, a certain desperation for buyers to find a home. Full price offers or even offers over asking have been the norm at certain prices for a while. However, there appears to be a shift happening in much of Central Oregon with the number of single family residential homes available for sale rising.
The following chart shows the last two years of inventory levels for single family residential homes in Bend, Redmond, Sunriver and Sisters. As you can see, outside of the Sister's market where there has been a decrease in in inventory, all the other cities are showing a slight growth in the number of homes for sale. As each bar reflects a total of 12 months of data, the trends cover a longer period of time and are not impacted by monthly fluctuations.
- Bend single family homes for sale supply up 11.1% to 3 months
- Redmond single family homes for sale supply up 19.2% to 3.1 months
- Sunriver single family homes for sale supply up 28.6% to 3.6 months
- Sisters single family homes for sale supply down 8.2% to 4.5 months
Are We Entering a Buyer's Market?
For those of us who have been involved with real estate over the past few years, it is a welcome change to have more homes available for our buyers to choose from. However, it remains to be seen whether or not these slight adjustments will continue and we develop more of a balanced market.