Low inventory of homes available for sale is an issue in many parts of the country, not just
Central Oregon
. The pandemic has undoubtedly impacted our housing market this summer, but the trend of fewer homes started several years ago. According to
this article
in the Wall Street Journal, homeowners nationwide are staying in their homes for 13 years! That is five years longer than in 2010, and a significant contributor to the lack of properties for sale. In August 1985, there were 30 homes for sale per 1,000 households nationwide, while the Wall Street Journal article shows 12.5 homes for sale per 1,000 in September of 2019.
Several people I've spoken to believe a price-correction is due, for Central Oregon housing. In most cases, price-corrections come with a glut of housing supply, followed by low offers. Eventually, sellers that are motivated will accept the lower prices, and values start to decline. Considering the volume of people looking to relocate to Central Oregon, combined with families staying longer in their homes, it seems unlikely that prices will fall in the short term. Although, when significant financial and economic disruptions occur, the shift in values can happen swiftly. Call me if you'd like to discuss your real estate plans.
