While new listings hover around the same number as last year (518 to 498), homes are getting snapped up nearly as soon as they hit the market. Median days on market for January hit the lowest point in two decades (the length of data we have available) at only 5 days on market. Likewise, inventory in January reached its lowest mark since 2004 (the length of data available for inventory) at just 388 homes, a more than 65% decrease from the same time last year. The number of sold listings hit a two-decade high in September of 2020 at 717 (nearly 20% higher than the previous high-mark during the housing boom in 2005). It has fallen in the months since as low inventory keeps sales in check, reaching a level more typical of the annual sales cycle in Central Oregon. In concert with low inventory, sales-to-list-price ratio, or the amount that sellers are receiving of their final asking price, has also reached 101.1%, a height also not seen since the housing boom in 2005, where it reached 100.2%.
Sellers continue to have the upper hand in this unusual market. They are free to demand higher prices, make fewer concessions, and contend with less competition. They may, however, find it difficult to find a home to purchase after selling.
Buyers, on the other hand, will need to have their finances in order, as they will be forced to spend more money for less house, make more concessions, and face more competition, which will result, in many cases, in bidding wars. On the bright side, mortgage rates remain at a historic low, giving buyers more purchasing power than ever before, if only they could find homes to purchase.
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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