Central Oregon

Lack of inventory continues to create limited options for prospective Central Oregon buyers, reflected in a 24% drop in year-over-year closed transactions. It is believed that this is due in large part to homeowners’ unwillingness to give up their current low interest rates. Sellers in the region remain hesitant to put their homes on the market, as new listings declined 25% from year-ago figures.

Average Sales Price

In Central Oregon, average sales price declined 5% from year-ago figures to end Q2 2023 at $748,127. Year-over-year, average sales price declined the least in Sunriver, which experienced a 1% drop from yearago figures and an average sales price of $730,281 this quarter.

CLOSED TRANSACTIONS & PENDING SALES

Closed transactions (1,082) missed the mark by 24% this quarter compared with Q2 2022 and closed transactions fell in each Central Oregon city analyzed for this report. Bend had the highest number of closed units – 662 – but the figure still represented a 23% drop from year-ago figures. Pending sales in the region declined 16% year-over-year to end Q2 2023 at 1,145.

NEW LISTINGS & ACTIVE LISTINGS

Throughout Central Oregon, new listings this quarter (1,606) dropped 25% and active listings were also down, falling 7% from year-ago figures to end the quarter at 2,442.

Days On Market

Average days on market jumped 159% year-over-year to an average of 44 days this quarter. Throughout Central Oregon, average days on market was up by triple-percentage points in all but Sunriver, where an average of 33 days represented a 22% increase from this time last year.