Looking at the last week compared with the same week in 2019, the first number that stands out is the sold homes. March 24-31, 2020, saw 80 sold single-family homes throughout the entire Central Oregon MLS compared with 114 in 2019. Long before COVID-19 was impacting our economy, real estate inventory was low, but it is safe to say that the virus has kept some sellers on the sidelines. Staying true to recent numbers, the median sale price in 2020 for the above time increased from $373,250 to $410,000 or 9.8%. February 2019 inventory showed 1159 homes for sale, compared to 943 in February 2020. But, February 2019 sold properties were 269 compared to 306 in 2020!
Further proof that the market has not slowed down is the pending properties in February 2020 of 510 compared to 346 in 2019. Despite the reduced inventory, the number of homes that went pending in February increased by 47.4% over 2019! Even with the low stock of houses, there were 105 new listings in March. Now could be a great time to see what options you have in today's real estate market.
