The number of new listings in Deschutes County has fallen more than 23% since June, in line with seasonal trends as the market continues its customary cool down from mid-summer to its typical low point in December.
The number of total listings on the market have been steadily rising, up 118% since March, mirroring the supply of listings, which is now at more than a month and a half compared to its March low of .74.
While low interest rates, remote worker relocation, and generational buying shifts continue to drive demand in the market and push up prices, there are signs that the peak of the recent seller’s market may be behind us. The gap between the average ratio of sale price to original list price is widening, indicating that homes are beginning to experience price reductions.
Buyer demand will likely continue while interest rates remain low, but sellers may need to be slightly more realistic as the market begins to level out from its recent extremes.
Dropping inventory continues to be good news for sellers, who are receiving, on average, more than what they’re asking for their homes. However, for sellers looking to stay in the area, finding their next home will be the major challenge, and may be preventing many sellers from listing.
Buyers continue to be in an especially vulnerable position, facing a stark lack of inventory and stiff competition for the few properties available. To be successful in such a tight market, buyers will need to be aggressive with their offers, solid in their financing, and flexible in their home search.
Find out the value of your home in the current market.
Did you know you can connect directly to the MLS and view homes before they appear on Zillow and other listings sites?