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Central Oregon Market Report - January 11, 2022



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Time for a full market analysis! There's been a lot of changes in our market over the last few years/months! As promised, in this report I will deep dive into some statistics and graphs in our market to show you exactly what our trajectory and trends are. Right now it's more important than ever to gather your insight on the real estate market from facts and hyper local information, not hearsay and media hype that refers to the nation as a whole.. It's my role as your realtor resource to provide you the very best info and advice, so you can realize where you stand in our current market. The following slides are taken directly from a class I presented in my office for the new year. If you've got any questions on this info or would like to chat, I'm always available and happy to discuss. Let's take a look! \

- Greg


 

Notice the contrast in year over year vs. the exaggerated difference in the difference from the peak we saw in 2022. The biggest local market to take notice of is Redmond, which saw a large drop off in price over the last couple months. This can be better seen in the market snapshot section at the very bottom of this letter.





Mortgage rates have corrected quickly and prices have adjusted accordingly. Once the rates stay consistent, we should see a settling in prices and the market will be more consistent. Historically speaking, average mortgage rates are 6-8%. Our dramatic shift is not so much due to the rate amount, but the speed in which rates changed and the low supply we saw during covid that increased prices.




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