Inventory levels dropped in January 2023, but the supply of homes for sale in Bend and Redmond still outpaced numbers seen over the last two years.
Median prices in Bend started nearly identical to last year, despite taking 28 days longer for new listings to go under contract. Redmond prices are a different story, coming in at $420,000 in January after starting last year at the $500,000 mark. The total number of sales remains low across the Central Oregon region compared to years prior.
Mortgage rates dropped throughout the month, but are fluctuating again at the time of this report. “Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern,” says Freddie Mac. "Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market. Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers."
“New listings volume is lower than last year. Immediate sales are picking up too. Buyers are taking action on the best properties,” said Mike Simonsen of Altos Research. “The tight supply/demand reality is enough to keep prices stable despite much higher mortgage rates.”
BEND AREA
$685,000
Median Price
36 Days on Market
REDMOND AREA
$420,000
Median Price
42 Days on Market
JEFFERSON COUNTY
$335,000
Median Price
120 Days on Market
SUNRIVER
$930,000
Median Price
98 Days on Market
LA PINE
$380,000
Median Price
46 Days on Market
SISTERS
$555,000
Median Price
27 Days on Market
CROOK COUNTY
$402,000
Median Price
79 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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