Days on market climbs across the most of the region as the scarce new inventory of listings sits longer as buyers continue to weigh their options.
Homes are taking longer to sell in Bend and Redmond heading into fall, but supply may be topping out around 2 months of inventory without a flood of new listings coming online.
Bend saw a modest decrease from July prices, while Redmond prices accelerated this month.
Mortgage rates climbed higher in the last few weeks, coming in almost a full point higher than July. Rates this week are at 5.89% on 30-year fixed loans according to Freddie Mac.
“Mortgage rates rose again as markets continue to manage the prospect of more aggressive monetary policy due to elevated inflation. Not only are mortgage rates rising but the dispersion of rates has increased, suggesting that borrowers can meaningfully benefit from shopping around for a better rate.” Rates are projected to level off, but are at their highest since 2008.
Immediate sales are down in August, said Mike Simonsen of Altos Research. “Available inventory of homes for sale is now declining for the season. Seasonal declines in prices will continue through the end of the year.” National prices are still expected to rise 10% this year.
BEND AREA
$717,000
Median Price
15 Days on Market
REDMOND AREA
$542,000
Median Price
19 Days on Market
JEFFERSON COUNTY
$365,000
Median Price
16 Days on Market
SUNRIVER
$920,000
Median Price
6 Days on Market
LA PINE
$473,000
Median Price
18 Days on Market
SISTERS
$730,000
Median Price
4 Days on Market
CROOK COUNTY
$400,000
Median Price
6 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.
