The cold weather finally arrived in January and it seems to have had an effect on the number of homes sold. There were only 256 homes sold last month which is the lowest number since February 2011. This is good news for buyers as continued strong demand relative to falling inventory could have pressed prices higher.
Inventory (homes for sale) also continued to fall in January. There were 1708 homes for sale in Deschutes County last month compared to 1870 in December. I expect that number to fall again in February before the Spring selling season starts in March. The last time there were this few homes for sale was in February 2006. This promises to be an interesting Spring and Summer for the housing market with uncertainty over the actual number of homes that are delinquent along with those that have been foreclosed and will be listed for sale. If a large number of bank owned homes are listed for sale this year we will likely see prices stay flat or even fall a little. However, if the number of short sales and foreclosures keeps falling there could be noticeable upward movement in prices as investors and those seeking to buy second homes have been quite active in Bend this winter.
You can read more monthly sales reports: Bend Home Prices.
Real Estate Sales information courtesy of Central Oregon MLS
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