(Graph | Courtesy of Duke Warner Realty)
With spring in full swing in Central Oregon, the real estate market remains in extremely high demand even as new listings in Bend have increased by over 55 percent just 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 as we enter the second quarter of the new year.
April 1 Inventory and March Activity
With 89 active listings as of April 1st, the Bend market increased slightly in available listings, up from 75 from the previous month. Homes 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 spring to list a home for sale. Both Bend and Redmond’s current listings remain far fewer than previous months and those currently listed will not stick around for long. Redmond’s active listings as of April 1 showed 51 homes overall. As we gear up for the spring, we see the combined active listings for Central Oregon at only 140 homes.
March numbers for the Redmond market shows us 101 homes sold, 109 new homes on the market and 103 homes pending. The bulk of active homes on Redmond’s market remain in the $525,000 and up price range, showing 19. The $225,000-$325,000 had two active listings, the $425,000-$525,000 range had 18 active listings and the $325,100-$425,000 price range showed 12 active listings.
For Bend, the numbers in March continued to illustrate a market with low inventory. There were no active listings in the $225,000-$325,000 range, five in the $325,100-$425,000 range, 16 in the $425,100-$525,000 range and 21 in the $525,100-$625,000 price range. The $625,000-$725,000 had six active listings, the $725,000-$825,000 had six actives and the $825,000-$925,000 showed two active homes listed. As you can see from our Market Trend Report, there was a noticeable decrease in homes available in the higher price ranges, showing 33 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. Our Duke brokers know how to price properties according to the market trends and current housing competition.
Sold and Pending Listings
Bend had 166 pending homes in February and 258 in March. 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 118 in February and 181 in March. In Redmond, we saw 70 in February and 101 in March. 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.
