High-End Sales Drive Bend Market; Redmond Holds Steady
The Bend SFR market, with a median sale price of $785k, saw a significant 24% of transactions in the $1M+ range, demonstrating consistent growth in this high-end segment compared to 5% back in July 2019. New building permits reached a peak since June 2022, reflecting increased interest in new construction. However, while monthly shifts are evident, the long-term trend remains key in assessing market direction.
Redmond's market has been stable, maintaining around a two-month inventory supply, with most sales and listings occurring in the $450k-$600k price range. Smaller market areas are seeing inventory increases, notably La Pine with a five-month supply.
Freddie Mac reports, "As inflation slows, mortgage rates decreased this week. Still, the ongoing shortage of previously owned homes for sale has been a detriment to homebuyers looking to take advantage of declining rates. On the other hand, homebuilders have an edge in today’s market, and incoming data shows that homebuilder sentiment continues to rise."
Mike Simonsen of Altos Research adds, "Will home prices hold up for the rest of 2023? The data points to Yes. 33.1% of the market has had price reductions. Very normal. Homes that take a price cut now, get offers in Aug, close in Sept & Oct. So we see price support for most of the rest of the year. We're looking at finishing 2023 with lower inventory and higher sales…”
BEND AREA
$785,000
Median Price
13 Days on Market
REDMOND AREA
$473,000
Median Price
16 Days on Market
JEFFERSON COUNTY
$369,000
Median Price
6 Days on Market
SUNRIVER
$1,125,000
Median Price
6 Days on Market
LA PINE
$429,000
Median Price
27 Days on Market
SISTERS
$773,000
Median Price
14 Days on Market
CROOK COUNTY
$400,000
Median Price
21 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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