(Graph | Courtesy of Duke Warner Realty)
The New Year has arrived in Central Oregon, and the real estate market remains in extremely high demand — regardless of the winter temperatures, which will typically indicate a slower-paced real estate environment. The real estate trends continue to escalate due to many homebuyer’s abilities for remote working 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 begin the new year.
February 1 Inventory and January Activity
With only 92 active listings as of February 1, the lowest we have seen in the last few months, the Bend market decreased in available listings on the market. Homes continue to sell at a rapid pace, leaving homebuyers empty-handed and ready to buy on the spot. Now would be 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 far fewer than previous months and those currently listed will not stick around for long. Redmond’s active listings, as of February 1, showed only 53 homes overall. As we gear up for spring, we see the combined active listings for Central Oregon at 145 homes.
January numbers for the Redmond market shows us 72 homes sold, 101 new homes on the market and 114 homes pending. The bulk of active homes on Redmond’s market were in the $525,000-and-up price range, showing 23. The $225,000-$325,000 had six active listings, the $425,000-$525,000 range had 14 active listings and the $325,100-$425,000 price range showed ten active listings.
For Bend, the numbers in January continued to illustrate a market with low inventory. There were no active listings in the $225,000-$325,000 range, four in the $325,100-$425,000 range, 16 in the $425,100-$525,000 range and nine in the $525,100-$625,000 price range. The $625,000-$725,000 had four active listings, the $725,000-$825,000 had six actives and the $825,000-$925,000 showed ten active homes listed. As you can see from our Market Trend Report, there was a slight decrease in homes available in the higher price ranges, showing 43 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 174 pending homes in November and 161 in January. 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 212 in November and 154 in January. In Redmond, we saw 142 sold in October and 72 in January. 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 firstname.lastname@example.org.