(Graph | Courtesy of Duke Warner Real Estate)
With the winter holidays upon us in Central Oregon, Bend’s real estate market remains brisk with the number of active listings down 17 percent from last month, while at the same time pending and sold properties were down only moderately from the torrid pace during previous months. The real estate trends continue to be positive 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 Duke Warner Realty’s monthly Trend Reports we offer valuable insights by analyzing last month’s real estate market activity in Central Oregon. This information can be a beneficial resource for any upcoming or changing trends we might see during the fourth quarter of 2021.
December 1 Inventory and November Activity
With 183 active listings as of December 1, the Bend market saw a 17 percent decrease in available listings, down from 249 from the previous month. Pending homes were at 204, down from 215 from the previous month but homes still continue to sell at an impressive pace, leaving some potential homebuyers empty-handed and ready to buy on the spot. Now is an excellent time for a homeowner who might otherwise wait until later to list a home for sale. Both Bend and Redmond’s current listings are being snapped up very quickly with average days on market at only 17 days and 13 days respectively. Redmond’s active listings as of December 1, showed 86 homes, down from 115 in the previous month. As we progress into the winter months, we see the combined active listings for Central Oregon at 269 homes.
November numbers for the Redmond market shows us 89 homes sold, 53 new homes on the market, down from 110 from the previous month, and 79 homes pending. The bulk of active homes on Redmond’s market remain in the $525,000-and-up price range, showing 48. The $225,000-$325,000 had no active listings, the $425,000-$525,000 range had 25 active listings and the $325,100-$425,000 price range showed 23 active listings.
For Bend, the numbers in November continued to illustrate a market with relatively low inventory. There were no active listings in the $225,000-$325,000 range, and one in the $325,100-$425,000 range, 9 in the $425,100-$525,000 range and 27 in the $525,100-$625,000 price range. The $625,000-$725,000 had 43 active listings, the $725,000-$825,000 had 24 actives and the $825,000-$925,000 showed 18 active homes listed. As you can see from our Market Trend Report, there was a decrease in homes available in the higher price ranges, showing 61 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 are able to relocate to our beautiful area. It truly is a very healthy 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. Our Duke Warner brokers know how to price properties according to the market trends and current housing competition.
Sold and Pending Listings
Bend had 204 pending homes in November down from 215 in October. These numbers still showcase the need for more listings to keep up with the demand to buy a new home in Central Oregon. For sold listings in Bend, there were 199 in November as compared to 212 in October. In Redmond, we saw 89 sold in November down from 91 sold in October. History in the making as we continue to see real estate needs escalating in the Bend and Redmond real estate market!
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.