(Photo | Courtesy of Duke Warner Real Estate)
With the summer selling season winding down, the Central Oregon real estate market remains robust as pending properties in Bend increased by over eight percent last month, and new listings increased only slightly from the previous 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 fourth quarter of 2021.
September 1 Inventory and August Activity
With 242 active listings as of September 1, the Bend market saw a slight increase in available listings, up from 237 from the previous month. Pending homes were at 263, up from 243 from the previous month, but homes still continue to sell at an impressive 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 fall to list a home for sale. Both Bend and Redmond’s current listings, although beginning to recover, are being snapped up very quickly. Redmond’s active listings as of September 1, showed 97 homes, up 16 percent from 83 in the previous month. As we are beginning to gear up for the fall selling season, we see the combined active listings for Central Oregon at 339 homes.
August numbers for the Redmond market shows us 109 homes sold, 128 new homes on the market and 109 homes pending. The bulk of active homes on Redmond’s market remain in the $525,000-and-up price range, showing 49. The $225,000-$325,000 had only one active listing, the $425,000-$525,000 range had 22 active listings and the $325,100-$425,000 price range showed 25 active listings.
For Bend, the numbers in August continued to illustrate a market with relatively low inventory. There was one active listing in the $225,000-$325,000 range, and one in the $325,100-$425,000 range, 19 in the $425,100-$525,000 range and 50 in the $525,100-$625,000 price range. The $625,000-$725,000 had 42 active listings, the $725,000-$825,000 had 37 actives and the $825,000-$925,000 showed 17 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 75 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 263 pending homes in August, up eight percent from 243 in July. 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 231 in August, as compared to 250 in July. In Redmond, we saw 109 sold in August down from and 125 in July.
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.
