August 2024 Market Update

Fall is upon us and it’s almost THE:

I’m here to give you the moves and grooves of the market in Central Oregon. Who’s ready to boogie!

We’re continuing to see a flood of homes on the market which is especially weird for this time of year. By the end of August we had 36% more listings on the market than the same time last year but around the same amount of homes sold in August of 2023 (162 houses) as sold in 2024 (156 houses). We’re still strongly in the “just about buyer’s market” sellers market. We saw a healthy amount of homes go pending last month and into this month as we saw mortgage rates dip in anticipation of the Fed rate cut that happened on Wednesday. We are still seeing a lot of price reductions with 57% of homes sold in August closing under the original asking price. This has been pretty steady over the last few months but considering that our median home price is also coming down, it’s showing a current softening in our market. I also noticed that almost half of the houses that closed in August had some amount of concession that the seller paid to the buyer at closing from $200 all the way up to $20,000.

With rates coming down a bit and talk of more Fed rate cuts in the future, we’ll see if our median home price begins to climb again or not. Our months of supply remain relatively high at almost 3.5-months. We haven’t seen that kind of supply since before Covid. Check out the graphic below for a quick snapshot.   

We usually see things slow down a bit with a presidential election coming up but things have been so weird for so long that I wouldn’t be surprised if this fall showed a diversion from the normal real estate pattern.

I continue to keep my finger on the pulse and love chatting about this stuff so feel free to give me a call anytime.

Happy Fall Equinox to all this coming weekend!