Duke Warner Trend Report for November 2020

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(Graph | Courtesy of Duke Warner Realty)

The winter season is upon us in Central Oregon, and a new year is in sight. The real estate market remains record-breaking and in high demand, regardless of the seasonal changes, which typically indicate a slower-paced real estate environment. With the holidays here, and more urbanites working remotely than ever before, the real estate trends continue to escalate due to many homebuyers relocating to more desirable locations to call home. 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 finish 2020 and head into January 2021.

December 1 Inventory and November Activity

With 108 active listings as of December 1, the lowest we have seen in the last two months, the Bend market dwindles 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 December 1, showed 86 homes overall. As we gear up for a long winter, we see the combined active listings for Central Oregon at 194 homes.

November numbers for the Redmond market show us 77 homes sold, 82 new homes on the market and 112 homes pending. The bulk of active homes on Redmond’s market were in the $325,100-$425,000 price range, showing 37. The $225,000-$325,000 had three active listings, the $425,000-$525,000 range had 17 actives and the $525,000 & up price range showed 27 active listings.

For Bend, the numbers in November continued to illustrate a market with low inventory. There were two active listings in the $225,000-$325,000 range, nine in the $325,100-$425,000 range, 15 in the $425,100-$525,000 range and ten in the $525,100-$625,000 price range. The $625,000-$725,000 had nine active listings, the $725,000-$825,000 had 15 actives and the $825,000-$925,000 showed ten active homes listed. As you can see from our Market Trend Report, there were fewer homes compared to previous years available in the higher price ranges, showing 38 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 268 pending homes in October and 174 in November. 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 250 in October and 212 in November. In Redmond, we saw 142 sold in October and 77 in November. 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.

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