Q2 2020 Central Oregon Housing Market: In Review

At the time of the first quarter report we were in the early stages of the COVID-19 pandemic with an increasing rate of unemployment, uncertainty about how quickly the virus would spread, and importantly, how it would impact the real estate market. While many questions remain, we now have a better understanding on current state of the economy and how the real estate market is being impacted.

Closed sales year to date in Central Oregon are down 9% compared to 2019, however, the number listings is also trending lower. There were 11% fewer new listings in June 2020 compared to a year ago — this is occurring due to decreased listing below $500k, as there are more new listings above $500k than there were 12 months ago. During the early stages of the pandemic, sales volume dropped by 55% compared to 2019, that rate has recovered to 20% lower in the last week of June compared to 12 months ago. The balance between the number of listings and the number of sales is a strong predictor of price change. Market absorption (the number of months of market supply) continues to trend down in Central Oregon throughout the pandemic, dropping to 2.3 months in June 2020 compared to 3.9 months a year ago.

{Source: Central Oregon Association of REALTORS® – full report below}

 

 

2020 Q2 Report

ECONW_COAR_2020_Q2_Report_August_6_20201

 

 

 

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About Keeley Mannila

As the co-founder and owner of Fred Real Estate Group, Keeley is the driving force behind company culture, branding, and creative marketing strategy.