While the month of March saw a more than 26% increase in new listings, putting it in line with seasonal trends and hinting at increased confidence among sellers, the number of active listings continued to decline as homes were snatched up by embattled buyers after a median of only 5 days on the market. The scarcity of available homes is familiar to most of the country by now, and Deschutes County is no exception, with only .67 months of available inventory at the current rate of sales.
The median active listing price dropped slightly from February, while the median sale price continued its slow but steady upward climb, increasing by about 4.5% from the previous month and more than 27% from the same time last year. The sold to list ratio, which tells us what homes are actually selling for compared to their asking price, reached an all-time high in March of 102.7%, indicating that sellers are continuing to receive above asking price for their homes, and that buyers are continuing to be forced into brutal competition with one another, in some cases competing with more than a dozen offers for a single home.
Whether buying or selling, an experienced real estate broker is essential for navigating this turbulent market.
If you're considering selling or purchasing in this market, we highly recommend that you connect with one of our experts.
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