Inventory is picking up slightly, offering more options for buyers headed into the summer season. Prices may have peaked in Bend and Redmond for the year, but continue to make gains in outlying parts of Central Oregon.
Mortgage rates declined this month, giving buyers some extra purchasing power as new listings hit the market. Rates are hovering at 5.09% on 30-year fixed rates according to Freddie Mac.
“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.”
Bend and Redmond prices declined as inventory picks up. La Pine, Jefferson County, and Crook County all saw an increase in median price, and a decrease for days on market in May.
Price reductions increased again this month, reaching 24.1% of the market, said Mike Simonsen of Altos Research. “This is the summer plateau.”
How will the market react as the West Coast gets out of school and tourism returns to the area?
BEND AREA
$740,000
Median Price
5 Days on Market
REDMOND AREA
$519,000
Median Price
6 Days on Market
JEFFERSON COUNTY
$393,000
Median Price
8 Days on Market
SUNRIVER
$863,000
Median Price
2 Days on Market
LA PINE
$450,000
Median Price
22 Days on Market
SISTERS
$691,000
Median Price
4 Days on Market
CROOK COUNTY
$457,000
Median Price
11 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.
