Central Oregon Follows National Housing Trends
While existing home sales across the US fell 4.9% December 2014 to January 2015, sales were up 3.2% in January from a year ago according to the National Association of REALTORS®. Locally, Central Oregon has seen a similar trend. In Deschutes County existing home sales fell 18.2% between December 2014 and January 2015. However, sales were up 31.6% in January 2015 over January 2014. Jefferson County saw a 10.7% decrease from December 2014 to January 2015, but with an 8.7% in January 2015 over January 2014. Crook County was the exception, with a 56.2% decrease from December 2014 to January 2015 and a 36.4% decrease in January 2015 compared to January 2014.
Nationally, median existing home prices were at $199,600 in January 2015, a 6.2% increase over January 2014. In Deschutes County the median price rose to $278,000 in January 2015 from $249,000 in January 2014. In Crook County, the median home price is also on the rise from $128,000 in January 2015 over $139,000 in January 2015. Jefferson County saw the most drastic increase rising from $93,000 to $153,000 in January 2015 compared to January 2014. The rise in home prices across the board signals an improving housing market after drastic price reductions during the recession.
Deschutes and Jefferson County’s months of unsold inventory has decreased over the past year while Crook County has increased. Deschutes County had 4.6 months of inventory in January 2015, down from 7 months of inventory in January 2014 or a 34.2% decrease. In Jefferson County inventory fell from 7 to 5.9 months of inventory or a 15.8% decreased in comparing January 2014 to January 2015. The slowing housing market in Crook County is marked by a 44% increase in inventory in January 2015 compared to January 2014. The increase in inventory in Crook County could slow the rapid price increases and produce more affordable housing. Nationally, existing home inventory is at a 4.7 month supply.
According to Central Oregon Association of REALTORS® Board President Scott Halligan, “we’ve started the year with existing home sales and prices up year-over-year in January throughout most of Central Oregon. Our inventory levels remain at low, even adjusting seasonally, which continues to drive prices up and often, affordability down. However, we are encouraged that as Spring nears – historically, we see an increase in the number of homes listed which could lead to a more traditional and balanced marketplace throughout the Summer months. Real Estate in Central Oregon is gaining momentum – with interest rates remaining near historic low levels and an improved labor market and economy from a year ago – and several indicators point to a healthy, robust market for the year ahead throughout Central Oregon.”
In the Western United States, existing home sales dropped 7.1% in January 2015 from December 2014 but increased 1% from January 2014. The median home price is at $291,800. Data is based on existing single family homes, condos, townhomes and manufactured homes.
Source: The Central Oregon Association of REALTORS®For up to date market statistics, please visit www.coar.com.
National statistics compiled from realtor.org. Local data provided by the Multiple Listing Service of Central Oregon as of March 9, 2015. Data maintained by the MLS may not reflect all real estate activities in a market. Information is seemed reliable but not guaranteed.
