🦆 Oregon Market Update: Strong Start to Spring Shopping Season on the coast and I-5

[AJ Wong]

Peak home buying season is upon us and different markets are experiencing varied results. 

High level: The PNW, parts of California and the Northeast are still cooking. Inventory is up considerably throughout the Southeast and Southwest. Here in Oregon I'm quite surprised at the recent robustness of demand throughout my farm regions of Eugene and the entire Oregon Coast. 

In Eugene in particular, anything priced near the average national sales price of $400K+/- has tremendous interest and typically goes under contract within days or weeks. There is also appetite for any updated properties (a rarity in Oregon) or luxury homes in excellent areas all the way up to the $1M mark are still selling rapidly. Two homes I personally had an eye on and next door to one another this week at $695k and $700k both had multiple offers and are pending within 48 hours..

On the Oregon Coast things are a bit less intense with the exception of Turn-Key vacation rentals and (nearly non-existent) multi family properties. 

We have had two luxury sales and one under contract so far this year, all for active turn-key STR's, two of which had multiple offer scenarios that our clients were fortunate enough to secure.

Active single family Inventory for the entire Oregon Coast usually hovers at +/-1000 that has remained constant with around 300 pending properties for the moment. Multi Family on the OR Coast is another story, with less than 100 properties actively listed for sale. 

As the weather warms and tourism increases we're anticipating a robust shopping season with competitive demand for prime properties.

How is your market holding up?