Oregon WI Real Estate Market Report April 2023

Let's dig in to see what is happening in our local Oregon market with a few key points.

 

1. Buyer Demand : Overall showing activity remains DOWN in Oregon when compared to the average for this time of year. This is an indicator of buyer demand. However, I wouldn't read too much into this as it is somewhat reflective of current price points and the high volume of new construction homes in our market. What we do find interesting is that during spring break week showings skyrocketed to the highest number we've seen since May 2022. It will be interesting to see how this trend develops throughout April.

 

2. Available Homes (Inventory) : Good news, inventory is UP compared to the last two years and is the highest we've seen since October. That is healthy as we work to create more balance between buyers and sellers. Bad news, as of 4/7/2023 there are ZERO existing homes without accepted offers for under $500,000. This creates an affordability issue for many people. For perspective, at the end of March 2020 there were nearly 2.5 times as many homes on the market in Oregon.

 

3. Tips for Buyers: Prepare yourself ahead of time, not when the right house hits the market. Buyers who wait for a house to show up could easily be late to the party this year again. Without being fully preapproved and connected to an agent unprepared buyers will not be in a position to learn about "hidden" inventory, prepared for coming soon homes, write competitive offers, and ultimately win the house they are searching for. Be proactive, not reactive. More on this here: https://youtu.be/_ltLcVJpzdw

 

4. Tips for Sellers: It is shaping up to be another great year for sellers, especially in the under $500,000 market, but that doesn't mean you can do whatever you want. In fact some homes are sitting or not getting the traffic they should have because of poor preparation, marketing, or pricing. Make sure your home is effectively prepared to wow potential buyers online, price your home to get the most qualified eyes on your home, and work with an agent who will market your home to the highest number of potential buyers. Sellers that win in this market do it by increasing the demand and competition for their home not by trusting the market to get them the best possible offer without putting in the other work. More on this here: https://youtu.be/31KDk_5Whmw

 

As always, if you have any questions about your Oregon area home reach out to us at anytime. We love serving our Oregon, WI neighbors. See less