(Graph | Courtesy of Duke Warner Real Estate)
With the arrival of fall in Central Oregon, Bend’s real estate market remains brisk with the number of active listings down by over 15 percent from last month, while at the same time pending and sold properties were down only moderately from the torrid pace during the summer months. The real estate trends continue to be positive due to many homebuyers’ 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.
November 1 Inventory and October Activity
With 249 active listings as of November 1, the Bend market saw a 15 percent decrease in available listings, down from 291 from the previous month. Pending homes were at 215, down from 233 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 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 with average days on market at only 32 days and 16 days respectively. Redmond’s active listings as of November 1, showed 115 homes, up from 94 in the previous month. As we progress into the winter months, we see the combined active listings for Central Oregon at 364 homes.
October numbers for the Redmond market shows us 91 homes sold, 110 new homes on the market and 108 homes pending. The bulk of active homes on Redmond’s market remain in the $525,000 and up price range, showing 55. The $225,000-$325,000 had no active listings, the $425,000-$525,000 range had 36 active listings and the $325,100-$425,000 price range showed 16 active listings.
For Bend, the numbers in October 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, 21 in the $425,100-$525,000 range and 41 in the $525,100-$625,000 price range. The $625,000-$725,000 had 45 active listings, the $725,000-$825,000 had 31 actives and the $825,000-$925,000 showed 34 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 76 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 215 pending homes in October down from 233 in September. 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 212 in October as compared to 235 in September. In Redmond, we saw 91 sold in October down from 97 sold in September. 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.