(Graph | Courtesy of Duke Warner Real Estate)
With spring in full swing in Central Oregon, Bend’s real estate market remained robust in March with the number of pending listings up 15 percent from February. While at the same time active properties increased 28 percent and the number of sold properties were up 28 percent from February’s pace. The real estate trends in Central Oregon remain positive due to many homebuyer’s abilities for remote working and the ability to upscale their lifestyle as compared to many urban metropolitan areas. In Duke Warner Realty’s monthly Trend Reports we offer valuable insights by analyzing last month’s residential 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 half of 2022.
April 1 Inventory and March Activity
With 127 active listings as of April 1, the Bend market saw a 28 percent increase in available listings, up from 99 from the previous month. Pending homes were at 244, up from 209 from the previous month and homes continue to sell at a very 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 this 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 28 days and 19 days respectively. Redmond’s active listings as of April 1, showed 55 homes active up from 49 in March. As we progress through the remaining winter months, we see the combined active listings for Central Oregon at 182 homes.
March numbers for the Redmond market shows us 116 homes sold; 110 new homes on the market, up from 86 from the previous month; and 92 homes pending, down from 94 from the previous month. The bulk of active homes on Redmond’s market remain in the $525,000 and up price range, showing 46. The $225,000-$325,000 had no active listings, the $425,000-$525,000 range had 6 active listings and the $325,000-$425,000 price range showed only three active listings.
For Bend, the numbers in February continued to illustrate a market with relatively low inventory. There were no active listings in the $225,000-$325,000 range, and only one in the $325,100-$425,000 range, two in the $425,100-$525,000 range and 16 in the $525,100-$625,000 price range. The $625,000-$725,000 had 24 active listings, the $725,000-$825,000 had 22 actives and the $825,000-$925,000 showed 18 active homes listed. Our Market Trend Report shows there was an increase in homes available in the higher price ranges, showing 44 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 Realty Brokers know how to price properties according to the market trends and current housing competition.
Sold and Pending Listings
Bend had 244 pending homes in March up from 213 in February. These numbers 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 209 in March as compared to 132 in February. In Redmond, we saw 116 sold in March up from 59 sold in February. History in the making as we continue to see real estate needs continuing to escalate 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.