April home sales in Deschutes County fell 15% over March, while posting report records of Median Listing Price of $729,900 and Median Sales Price of $675,000. As buyers continue to outnumber sellers, we are beginning to see positive signs for inventory. Months Supply of Inventory grew slightly to 1.02 marking the first time since December 2021 that the market area reported a supply of one month.
To understand April’s drop in month-over-month sales of 15%, one can generally look at traditional peak spring home-selling season trends. Nationally, March home sales typically produce the largest monthly increase in closings each year, in sharp contrast to the average increase of just 0.5% from March to April over the past five years. However, in Deschutes County, April home sales are also down year-over-year 18% indicating that spring home-selling trends may not be the only factor at play.
The Median Listing Price for April was .3% higher than the previous report record of $727,450 set in February. Year over year, prices rose 13%.
The previous record low for Months Supply of Inventory was .7 months set in February.
Homes spent an average of 23 days on the market in April – seven less than March.