Inventory continues to be scarce in Central Oregon, even during a recent surge in activity reminiscent of the seasonal trends observed in years past.
The median price for Bend listings rose slightly to $685,000 in March, while days on market drastically reduced from 51 days to only 13 days last month. On the other hand, Redmond's median sales price remained steady, while the days on market also experienced a decrease.
“Mortgage rates continue to trend down entering the traditional spring homebuying season. Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers,” says Freddie Mac.
As the spring market commences, the Central Oregon housing landscape exhibits a blend of positive and negative indicators, making it challenging to predict the remainder of the year.
“The further into Q2 we go without substantial inventory increase means it's less likely that we'll emerge from our shortage this year.” said Mike Simonsen of Altos Research. “Frankly, very few sellers. There's just no sign anywhere in the data that inventory will surge.”
BEND AREA
$685,000
Median Price
13 Days on Market
REDMOND AREA
$439,000
Median Price
27 Days on Market
JEFFERSON COUNTY
$401,000
Median Price
68 Days on Market
SUNRIVER
$933,000
Median Price
27 Days on Market
LA PINE
$430,000
Median Price
99 Days on Market
SISTERS
$598,000
Median Price
70 Days on Market
CROOK COUNTY
$417,000
Median Price
71 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.
