2020

Upward Trends Seen in Central Oregon’s Real Estate Market

The past several months of coronavirus-related uncertainty resulted in the real estate market experiencing a massive downturn in new inventory and pending transactions.

But now signs point to a solid recovery in home sales as prospective buyers jump back into the market. The Mortgage Bankers Association reported that purchase applications have increased for the seventh week in a row with an 18% spike over 2019; likening the increase to “pent up demand from home buyers returning to the market.”

Windermere Real Estate’s chief economist, Matthew Gardner, stated that mortgage interest rates should continue to remain low and hover around 3% through 2020 and possibly 2021. This too, fuels an active and robust real estate market.

In addition, the rate of residential mortgage loans in forbearance is beginning to slow week over week. While it has increased slightly, the overall trend is a dramatic slow state by state, as the states begin to reopen their economies. Again, all signs of the beginning of economic recovery from the COVID-19 shutdown.

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Sharon Crites, Broker for All of Central Oregon Cell: 509-881-1898sharon@gogould.net 52718 Highway 97, La Pine, OR

In Central Oregon, while inventory remains low, at a two-month supply, each week the market is seeing more and more new listings. While April had a 33% drop in new listings, May showed a 16% gain on that number. While new inventory is still 16% less than typical for this time of year, the listing inventory is trending upward.

A statistic that is particularly notable is the extreme decrease in days on market. In March 2020, the average days on market was 74 days; May showed a drastic decrease to 16 days on market. This is a direct correlation with the lack of inventory. With less inventory to choose from, buyers are acting quickly to secure a home in an extremely competitive market.

All in all, things are trending upward with the real estate market and economy as a whole. As the summer season officially kicks off in Central Oregon, good news abounds for the real estate markets. (Source: The Source)

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