June 2024 Market Trends

Can you believe it? If I look at the outside temperatures, I surely can. Thank goodness that Central Oregon has so many places to get in the water. I suppose that’s just one of the reasons that so many people love it here, including myself. Summer is in full swing here in the high desert. The tubers are tubing, the dogs are getting out for their early morning walks to beat the heat, the music is flowing from the amphitheater and the temps are holding steady. The real estate market, however, is fickle and ever fluctuating.

We’ve been slowly creeping toward a buyer’s market for months now. We’re now at the closest we’ve come in quite some time as our inventory continues to flourish while purchases continue to shrink. We had a remarkably low 147 homes sold in June, less than the 172 we had last June and mid-200s that were selling each June prior to Covid touching our lives. Meanwhile, the median home price continues to stay strong. Our higher end homes took a jump up in June with 18% of all sales coming in at $1,425,000 and above. At the same time, we’re seeing price reductions matching what we saw when rates began to rise in the spring/summer of 2022. If only I bought that crystal ball that I saw in the thrift shop years ago, I’d be able to see where this will all lead.

See the chart below for all of the highlights:

Mortgage rates are starting to trend down which is good for buyers and we’re continuing to see more homes coming on the market which will, hopefully, continue to stabilize our market especially on the lower end homes. I’ll keep my fingers crossed on that one.

As always, when selling a home in this market, you want your home to stand out by checking off all of the boxes; clean and tidy, major issues taken care of and a home that is ready for the next buyer to love.

Please reach out with questions or just to chat.

Enjoy the summer and stay cool out there,