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Central Oregon Market Report - February 21, 2024

Updated: Jun 21


Deschutes County to craft short-term rental licensing program

New regulations will be introduced for short-term rentals in unincorporated areas, including destination resorts where most short-term rentals exist. Short-term rentals account for roughly 9% of unincorporated Deschutes County’s housing. In comparison, short-term rentals make up about 2% of Bend’s total housing stock. 

 

Short-term rental owners pay an 8% in transient lodging taxes per stay. For fiscal year 2023 — from July 1, 2022, to June 30, 2023 — Visit Central Oregon collected more than $12.5 million in transient lodging tax revenue from short-term rentals in unincorporated Deschutes County.

 
 

The market has remained sluggish here in Central Oregon with snowy weather and rates still holding up. I am in conversations everyday with sellers who are holding off for a sale this Spring and I believe that we will see a huge influx of inventory in the earlier Spring months. To continue with our appreciating prices, we will need some relief in interest rates before the "shopping" season comes back in full swing. When supply greatly increases, but buyers (demand) remain stagnant due to unaffordability, the market will start shifting towards a "buyers market". This could mean softening in prices, longer days on market and more leverage for buyers to take their time and be picky. It's more important than ever for sellers to make their listing shine and choose a rock star agent to help them through the process. - Greg

 

What's new with Mortgage Rates?

This is a scenerio for top tier borrowers with 30% down and great credit. These rates and better can also be seen for other borrowers by using seller credits!

 

Homeowners are staying in place twice as long as they did 20 years ago

The report, derived from census data, shows that today’s homeowners are staying in place for a median time of nearly 12 years.


 

Market Snapshot



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