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CENTRAL OREGON MARKET REPORT - APRIL 3, 2024

Local Market Changes 📈

Here's what's happening in our local market. Although the median sales price is one of the most commonly used statistics and benchmarks to measure, do keep in mind that it only tells a piece of the story. We have recently seen inventory in certain price points dry up, while others have seen an abundance. In Bend particularly, we have seen a ready supply of homes in the $1M+ range coming to market and selling, while 600k and below has not seen as much inventory. This will naturally increase our median price, but not necessarily mean that homes are appreciating quickly... Food for thought!

 
 

The Federal Reserve announced that it will continue to hold rates constant for the time being, as the economy still seems to be holding strong. It sounds like they will intent to delay any changes until possibly June/July.

Deschutes county saw a significant increase of new listings month over month but pendings/solds are looking below what would be expected for this time of year. A recent uptick in activity this past month is encouraging, but overall we are still seeing signs of buyer hesitation. While shopping with clients, I've seen flurries of activity around well priced listings or multiple offer situations on entry level homes, but these are rare and there's still not a lot of evidence from a numbers stand point to support optimism for a strong market come back. Hopefully it's waiting to surprise us, just around the corner! - Greg

 

What's new with Mortgage Rates?

This is a scenario for top tier borrowers with 20% down and great credit. These rates and better can also be seen for other borrowers by using seller credits!

 

Biggest winners and losers from the Fed’s interest rate decision

The Federal Reserve announced that it’s holding interest rates steady following its March 19-20 meeting. It’s the sixth time in the last seven meetings that the Fed has left rates unchanged

 

Market Snapshot


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