The number of active listings on the market, while down more than 78% since this time last year, have hovered at around the 400 mark since February. The number of new listings, up slightly over the previous month, is about 10% less than our market typically sees in April.
The absorption rate, which tells us how long the current inventory of properties would last at the current rate of sales, remains historically low, but has seemed to even out at around three quarters of a month since January. Median days on market, however, have continued to fall, reaching yet another all-time low at just four days.
In response to scarce inventory, home prices continue to climb in Deschutes County, with the active median list price reaching an all-time high of $669,500. However, the median sold price, at $537,000 (still a historic high point for this market) has not quite reached the expectations of active sellers. The sold-to-list-price ratio, which shows how the sale prices of properties compare to their list prices, has continued to climb month over month, currently sitting at its highest point yet of 102.9% - good news for sellers, many of whom are receiving well over asking price. Buyers, on the other hand, must continue to battle amid multiple offers for the few homes available.
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