The Central Oregon housing market continues to display its resilience and adaptability in the face of challenging circumstances.
In Bend, the median sales price for single-family residences maintained a stable trend, a noticeable departure from the recent upsurges in price. This steadiness offers potential buyers a breath of relief in the otherwise skyrocketing market. The number of sales saw an increase, while days on market experienced a slight decline, highlighting the strong demand.
"While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term," reported Freddie Mac.
On the other hand, inventory is of concern. Mike Simonsen of Altos Research said, "It's mid-May and inventory is not rising. Still only 420k single-family homes on the market. Last year, demand slowed so quickly that inventory was rising 4-5% per week! If we look at the immediate sales as a percent of the new listings, we can see how quickly demand cooled last spring and again in September when rates spiked over 7%. This year demand isn't cooling at all."
This ongoing inventory shortage keeps the Central Oregon housing market in a tight spot.
BEND AREA
$669,000
Median Price
10 Days on Market
REDMOND AREA
$469,000
Median Price
19 Days on Market
JEFFERSON COUNTY
$340,000
Median Price
22 Days on Market
SUNRIVER
$839,000
Median Price
9 Days on Market
LA PINE
$399,000
Median Price
64 Days on Market
SISTERS
$695,000
Median Price
27 Days on Market
CROOK COUNTY
$413,000
Median Price
23 Days on Market
Thank you to Beacon Appraisal Group for compiling this report. Prepared by Donnie Montagner with information from the MLS of Central Oregon with permission from COAR.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
