The number of listings on the market continues to hover in the mid-800s, where it’s held for the last few months, a 113% increase from its low point in February of this year. Still, that number is roughly half of what’s typical during this time of year in Deschutes County, an illustration of how scarce inventory continues to be in the current market.
The median price of a listing has risen nearly 15% since this time last year, and 40% since October of 2019. As staggering as those numbers are, the median sale price is up 28% from a year ago, and a whopping 43% since this time in 2019. With interest rates and inventory remaining low, there’s every expectation that prices will continue to rise throughout 2022, though at a more moderate rate.
For some sellers, now may be the time to cash in on the equity the market has gifted them over the past two years. For buyers, those who buy now should still see an increase in home value over the next year, but they will still have to pay top dollar due to shortages in inventory.
Whichever move you’re thinking of making, it’s never been more important to consult a seasoned expert with knowledge of the local market to maximize your chances of success.
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.
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