Inventory Rising
Throughout the pandemic home-buying frenzy, seasonal trends have extended beyond normal parameters, such as robust sales well into the winter months of 2020 and early 2021. After eighteen months of accelerated trends, the market seems to be taking a breath, with 606 single-family homes listed in Deschutes County this morning. In addition, the average number of homes sold the third week in August from 2017-2020 was 140, compared to 104 sales this week. While inventory is growing and sales volume slows, prices remain strong. Six hundred homes are still one-third of the available homes for sale from years past. As a result, there has been much talk about Central Oregon not having enough housing supply and the need for new construction to pick up the slack. While there isn't much debate that more housing at the lower price points is necessary if inventory keeps gaining, by spring, the housing market could look more typical than our recent pandemic housing frenzy.

Growing inventory helps our real estate market normalize, although 606 homes for sale, spread through four communities and county land, makes for a shortlist of potential homes in any given location or price point. Conversely, two hundred fifty-nine homes in our active inventory have reduced the listing price, another trend that shows we have reached our seasonal plateau of prices. Real estate is local and specific to price points. Homes on small lots in subdivisions have a different dynamic from irrigated horse properties or golf course communities. Tracking our market weekly, I see the beginning of patterns that may become trends, so you can be positioned to understand whichever area in Central Oregon you desire. I would be happy to create a specific synopsis of any part of Central Oregon you seek. Just call or email and put me to work!
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Stellar Realty NW
Reed Melton
(541) 408-6625
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