(Graph | Courtesy of Duke Warner Real Estate Market)
Record high temperatures are heating up the real estate market in Central Oregon as demand remains robust, even as new listings in Bend increased significantly since last month. The real estate trends continue to escalate due to many homebuyer’s abilities for remote working, and where many are able to upscale their lifestyle as compared to urban metropolitan areas. In our monthly Trend Reports, we offer valuable insights by reviewing last month’s market activity. This information can be a beneficial resource for any upcoming or changing trends we might see during the third quarter of the new year.
July 1 Inventory and June Activity
With 156 active listings as of July 1, the Bend market saw an almost 27 percent increase in available listings, up from 123 from the previous month. Pending homes were at 289, up almost 16 percent, also keeping pace with new listings. Homes still continue to sell at a blistering pace, leaving homebuyers empty-handed and ready to buy on the spot. Now is an excellent time for a homeowner, who might otherwise wait until later this summer, to list a home for sale. Both Bend and Redmond’s current listings, although beginning to recover, remain far fewer than previous months, and those currently listed are being snapped up quickly. Redmond’s active listings as of July 1 showed 68 homes, up 33 percent from 51 in the previous month. As we continue with summer, we see the combined active listings for Central Oregon at 224 homes.
June numbers for the Redmond market shows us 120 homes sold, 123 new homes on the market and 136 homes pending. The bulk of active homes on Redmond’s market remain in the $525,000-and-up price range, showing 28. The $225,000-$325,000 had four active listings, the $425,000-$525,000 range had 19 active listings and the $325,100-$425,000 price range showed 17 active listings.
For Bend, the numbers in June continued to illustrate a market with low inventory. There was two active listings in the $225,000-$325,000 range, and three in the $325,100-$425,000 range, 23 in the $425,100-$525,000 range and 25 in the $525,100-$625,000 price range. The $625,000-$725,000 had 19 active listings, the $725,000-$825,000 had 15 actives and the $825,000-$925,000 showed 14 active homes listed. As you can see from our Market Trend Report, there was an increase in homes available in the higher price ranges, showing 55 homes in the $925,100-and-up price range. For Central Oregon overall, the supply and demand are not equally matched as more out-of-state buyers eagerly attempt to relocate to our beautiful area. It truly is an unmatched seller’s market for those homeowners considering selling their property for top value.
With a fast-paced market, buyers often look for competitive pricing as they consider properties. If you are selling your home and trying to price your property, we encourage you to consult with your trusted Duke Warner Broker for seasoned, expert advice. Our brokers will share their experience, knowledge and excitement while they work for you. They know how to price properties according to the market trends and current housing competition.
Sold and Pending Listings
Bend had 250 pending homes in May and 289 in June. These numbers showcase the need for more listings to keep up with the demand to buy a new home in Central Oregon. For sold listings, there were 227 in May and 255 in June. In Redmond, we saw 111 in May and 120 in June. History in the making as we continue to see real estate needs escalating in the Bend and Redmond real estate market.
Looking Ahead
Many of us know and value this special place we call home. Central Oregon is a beautiful place to live, and no matter what stage of life you are in, there is something for everyone in the real estate market. As you consider your housing needs, start to plan and look ahead — whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our professional brokers are here to offer great insights as you navigate your next home experience. Give us a call today and let us help you get started. We can be reached at 541-382-8262 or send us an email at info@dukewarner.com.
