Home inventory is finally starting to build with 246 single-family homes for sale this morning in Deschutes County. The most significant accumulation of homes sits between $1-2M, followed closely by the properties listed for over $2M. The other price point seeing increased inventory sits between 700-800k. Price reductions are becoming more prevalent through all price points as sellers test the upper limits of buyer demand. A quick price correction may not be detrimental to a sale, although chasing the market down isn't the best strategy. Granted, pricing a home is challenging considering the rapid price increases throughout Central Oregon, but any reduction is an opportunity for buyers. Especially with interest rates below 3%!
As we leave winter weather in the rearview mirror, I expect more homes on the market through the summer. There is a possibility the fall brings more seasonal activity to real estate with an anticipated return to a regular school schedule. Keep in mind that our increased inventory is not lingering on the market. This week, there are 25% more homes available in all Bend zip codes than last week, and there were 49% more sales! Last week's median sale price for Bend increased 20k to 690k, with the median days on the market at five.