Let’s take a look at our market here in Central Oregon:
Bend, eastside 97701 median list price is at $650k which is down from last months $700k at the end of Feb. with the market action index hovering around 46. This is an increase over last month's market action index of 42. Inventory has decreased to 62 homes on the market from 78 last month.
Average Days on is Market 96 and 37% of Sellers Decreased Sales price
Bend SW 97702 is $880 which is up over $709k last month with the market action index hovering around 46 up over last month's market action index of 42. Inventory has held steady at or around 97 over last months 92 Average Days on Market 73 and 30% of Sellers Decreased Sales price
Bend 97703 is $1,4million with the market action index hovering around 38. This is more than last month's market action index of 36. Inventory has increased to 85. Average Days on Market increased to 95 and 28% of Sellers Decreased Sales price
Bend 97707 is $911k increase from last mos $835k the market action index hovering around 39 which is an increase over last months 33. Inventory has decreased to 22 Average Days on Market 81 and 32% of Sellers Decreased Sales price
La Pine’s median list price is $479,000 currently which same as last months. The current market action index hovering around 32. This is basically unchanged from last month’s market action index of 31, which puts La Pine balanced right in the middle between a Buyer’s and Seller’s market. Inventory has increased to 67 from last month’s 63 listed homes. And the Average Days on Market is 151 which is nearly unchanged from last month. 42% of Sellers Decreased their Sales price
Prineville’s median list price at the beginning of Feb was $465,000, now it is at $499,000 with the market action index hovering around 30 up from last month’s 28. Inventory has decreased to 70 from 82 homes listed last month. Average Days on Market is 133 about the same last month’s 128 and again about 39% of Sellers Decreased their Sales price.
Powell Butte’s median list price is $1,500,000 which is pretty much unchanged from last month, even though we find Powell Butte in a Buyer’s. The market action index is in the Buyer’s Market range of 28. This is a slight increase over last month's market 27. Inventory has decreased to 23 listed homes. With an Average Days on Market of 193 and 30% of Sellers reducing their Sales price.
Redmond’s average list price is $602k which is up from last months $565k. The current market action index is 43 which is up again over last months 39. Inventory is at 118 which is fewer than last months 111. Average Days on Market has decreased to 88 from 103 and 44% of Sellers Decreased Sales price.
Over in Sisters the average list price is $867k. The market action index is 42 which is quite a jump from last month’s 34, Inventory has decreased from 38 to 34 listed homes. Average Days on Market has dropped to 91 days from 108 days and 18% of Sellers Decreased Sales price
Madras average list price is at $379K which is pretty much unchanged from last month. The market action index hovering around 29 which is up from last month’s 26. Inventory has decreased to 39, which has continued the trend of decreasing over the last several months. Average Days on Market has increased to 153 from last months 146 days and 51% of Sellers Decreased Sales price. Madras is in a Buyers Market,
When the Federal Reserve raised interest rates at its March 22 meeting, many housing market observers thought that rates for home loans would soon begin to rise.
Yet despite these expectations, mortgage rates defied the odds and ticked down, for the third straight week.
According to Freddie Mac, rates for a 30-year fixed-rate mortgage have slid from 6.60% in mid March to 6.32% for the week ending March 30.
It’s a definite reminder that while the Fed might influence mortgage rates, it does not control them.
There is a small window of opportunity for homebuyers who act fast to lock in lower rates now and that could help put the costs of home ownership within an easier reach for some buyers.
But “fast” will be the key word here, since the mortgage market has become more untethered and unpredictable than ever.
The course of mortgage rates is likely to be bumpy, All in all, the spring housing market is shaping up to be a rough ride that will no doubt impact how many homebuyers and sellers can handle the ups and downs.
Mortgage rates play an important role in the amount of activity we see in the housing market
For homebuyers trying to navigate today’s rocky housing market, mortgage rates are just one of many problems on their plate.
Another issue is that home prices remain stubbornly high.
The good news is that prices are growing at a slow, single-digit rate, and those growth rates are likely to continue to come down and may even flip negative this summer.
Still, this probably isn’t happening fast enough for most house hunters.
Another problem homebuyers are trying to come to terms with is the lack of homes for sale. For the week ending March 25, 20% fewer new listings hit the market verses this same week a year earlier.
Incredibly, the number of new listings was nearly on par with the low way back in April 2020, when much of the world was in lockdown amid the first waves of the COVID-19 pandemic.
With fewer newly-listed homes for sale in the most recent week, and at continued higher prices, buyers are largely unhappy with their prospects.
Home purchase sentiment declined in February and many have simply dropped out of the market, leaving the few who remain with a bit of an advantage.
Even though there are fewer new listings, there’s a whopping 57% more homes for sale. But many of those listings are a lot older. Homes for sale are spending, on average, 25 more days on the market than they would have a year earlier.
Bidding wars are not common.
interest rates are scaring purchasers, both newbies and the savvy purchasers.
I have had several buyers thinking about holding off on purchasing a home right now and more and more sellers are opting to stay put.
Meanwhile, we are keeping a close eye on the Fed and what signals it may look at doing for the economy at large. Powell said the end of March that he would continue to raise rates throughout this year.
Investors continue to evaluate whether each new piece of data signals that the long-awaited end of monetary tightening, that the Fed acknowledged is now closer on the horizon, or whether we can expect to see more.
In the meantime equity-rich homeowners are likely to continue to have an edge no matter what they decide to do.