Inventory continues its steady climb this summer to the highest levels in years. Days on market is also climbing, giving buyers just a little more time.
Total sales are down nearly 25% this summer compared to 2021 numbers, so while the boost in inventory is certainly welcome to the market, the region could still use more new listings.
Bend prices accelerated in July, while Redmond saw a slight decrease from the month of June.
Mortgage rates rose rapidly to begin summer, but have recently seen a significant drop headed into August. Rates this week are at 4.99% on 30-year fixed loans according to Freddie Mac.
“Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.”
Immediate sales are down in August said Mike Simonsen of Altos Research. “The voracious demand is gone.” As for why new listings might not be popping up? “Homeowners are secure, no one needs to panic sell.” This seems to be the major difference between 2022 and 2008.
BEND AREA
$762,000
Median Price
10 Days on Market
REDMOND AREA
$505,000
Median Price
10 Days on Market
JEFFERSON COUNTY
$370,000
Median Price
17 Days on Market
SUNRIVER
$975,000
Median Price
4 Days on Market
LA PINE
$470,000
Median Price
55 Days on Market
SISTERS
$623,000
Median Price
10 Days on Market
CROOK COUNTY
$398,000
Median Price
8 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.
