Inventory remained low this month, even as spring sales activity picks up. Days on Market increased in Bend and Redmond to just over 50 days.
Home prices declined in Bend this month, while rising slight in Redmond. As the spring market kicks off we are seeing mixed signals about what the rest of the year might hold. Inventory levels are low across the Central Oregon region and homes are taking longer to sell, but sold data indicates that transactions are rising as is typical this time of year.
Mortgage rates dropped throughout the month, but are fluctuating again at the time of this report. “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” says Freddie Mac. "Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory."
“Available inventory of homes for sale is still falling. Sellers simply aren't keeping up with demand,” said Mike Simonsen of Altos Research. “Consumers are obviously price sensitive but still buying. More homes went into contract this week than last year at this time! It's really hard to see the most dire predictions for the housing market being realized this year with supply so restricted.”
BEND AREA
$660,000
Median Price
51 Days on Market
REDMOND AREA
$440,000
Median Price
56 Days on Market
JEFFERSON COUNTY
$330,000
Median Price
52 Days on Market
SUNRIVER
$825,000
Median Price
77 Days on Market
LA PINE
$419,000
Median Price
83 Days on Market
SISTERS
$575,000
Median Price
119 Days on Market
CROOK COUNTY
$425,000
Median Price
64 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.
