(Graph | Courtesy of Duke Warner Real Estate)
With the new year upon us in Central Oregon, Bend’s real estate market remained brisk in December with the number of active listings down 12 percent while at the same time pending properties were down 18 percent and sold properties were down 14 percent from November’s pace. The real estate trends remain 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 first quarter of 2022.
January 1 Inventory and December Activity
With 143 active listings as of December 1, the Bend market saw a 12 percent decrease in available listings, down from 183 from the previous month. Pending homes were at 168, down from 204 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 spring 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 30 days and 25 days, respectively. Redmond’s active listings as of January 1, showed 71 homes active, down from 86 in November. As we progress through the remaining winter months, we see the combined active listings for Central Oregon at 214 homes.
December numbers for the Redmond market shows us 80 homes sold, 52 new homes on the market, down from 53 from the previous month, and 71 homes pending. The bulk of active homes on Redmond’s market remain in the $525,000 & up price range, showing 43. The $225,000-$325,000 had one active listing, the $425,000-$525,000 range had 21 active listings and the $325,100-$425,000 price range showed only six active listings.
For Bend, the numbers in December continued to illustrate a market with relatively low inventory. There were no active listings in the $225,000-$325,000 range, and only two in the $325,100-$425,000 range, nine in the $425,100-$525,000 range and 14 in the $525,100-$625,000 price range. The $625,000-$725,000 had 30 active listings, the $725,000-$825,000 had 20 actives and the $825,000-$925,000 showed 26 active homes listed. Our Market Trend Report shows there was a decrease in homes available in the higher price ranges, showing 42 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 168 pending homes in December, down from 204 in November. These numbers still highlight 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 172 in December as compared to 199 in November. In Redmond, we saw 80 sold in December down from 89 sold in November. 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.
