Bend Mirrors Mid-2022 Pricing; Redmond Sees Inventory Surge
Bend's SFR market experienced a decrease in its median sale price, settling at $742k, mirroring the numbers seen in mid-2022. High-end sales, particularly those exceeding $1M, accounted for roughly 24% of all SFR deals in August. There's also a marked increase in the inventory of properties valued over $1.6M. Nonetheless, Bend's total SFR inventory remains just above a two-month supply.
Redmond's SFR market has shown stability, with the median sale price undergoing slight changes between July and August. At present, inventory levels have seen a modest increase, hovering around a 3-month supply. Notably, there's been a substantial growth in the inventory for properties priced between $500k and $800k, with this increased inventory spanning a 4 to 6-month supply.
“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent. The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers,” reported Freddie Mac this week.
Mike Simonsen of Altos Research said “Unsold single family homes rose over 1% again this week. Normally inventory would peak in August, but as mortgage rates rise so does inventory. Last year mid-September rate and inventory rose through November.” He went on to add, “Home prices are still up over last year, but just a tiny fraction. Consumers respond to mortgage rates of course but they're more sensitive to the change in rates. Rates are high now but changing slowly, so prices are changing much more slowly than last year.
BEND AREA
$742,000
Median Price
16 Days on Market
REDMOND AREA
$505,000
Median Price
16 Days on Market
JEFFERSON COUNTY
$412,000
Median Price
74 Days on Market
SUNRIVER
$981,000
Median Price
26 Days on Market
LA PINE
$384,000
Median Price
42 Days on Market
SISTERS
$699,000
Median Price
27 Days on Market
CROOK COUNTY
$396,000
Median Price
26 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.
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