Where are we at in today's market?
A Full Analysis & Statistics Reviewed
Statistics were released yesterday and I've taken the time to organize and present some information that I think will help paint a picture for whats going on in our local market. The chart above shows a great breakdown of our markets and compares how they have been behaving over the last month and year - notice how drastically different their changes are! This is mostly due to "fringe" markets being more volatile, as well as the number of overall sales used to generate their numbers. Bend and Redmond seem to be more consistent and markets like Madras/LaPine seem to move around quite a bit.
The above charts are pulled from data in the larger Deschutes County to show our overall area trends. The months of inventory graph relates to homes available on the market and the volume chart looks at the number of homes selling. Notice the relative contrast in the directions that they are heading and think about how supply and demand dictate the open market. I believe that this should be the height of the spread, as we are in the slower months of the year and it should bounce back as we seasonally adjust.
The biggest topic of conversation recently has been around interest rates and reductions coming later this year. Inflation has cooled and rates have begun to come down. We will see how this drives the market in Spring and over the next year, but many agree that it will help with affordability (while also holding up or driving prices).
Scroll down to the "Market Snapshot" section below to see stats on your individual market and feel free to reach out with any questions! - Greg
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What's new with Mortgage Rates?
This is a scenario for top tier borrowers with 20% down and great credit. These rates could be improved by using seller credits! Unsure what that means? Shoot me a message!
Market Snapshot
Month of December coming soon..
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