Bend and Redmond Markets See Positive Trends with Increased Sales and Steady Price Growth.
Bend's housing market appreciated this month, backed by an uptick in sales activity and a hint of resurgent interest in new construction. Amidst these developments, inventory also expanded, suggesting a slight easing of market constraints. Parallel to Bend, Redmond saw consistent, albeit measured, growth in its property values, while also experiencing a slight uptick in its housing inventory too. Overall, these trends paint a picture of a market that's balancing demand and supply, providing some breathing room for buyers in an otherwise fast-paced real estate environment.
"Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike. Although there has been a steady flow of purchase demand around rates in the low to mid six percent range, that demand is likely to weaken as rates approach seven percent." reported Freddie Mac.
Mike Simonsen of Altos Research adds, "There is just 16% more inventory now than last year. We started 2023 with 70% more on the market. If you're skeptical about home buyer demand, note that we're almost back to the crazy pandemic frenzy condition of having more in contract than available! Price reductions show greater demand than expected too.”
BEND AREA
$745,000
Median Price
7 Days on Market
REDMOND AREA
$472,000
Median Price
28 Days on Market
JEFFERSON COUNTY
$350,000
Median Price
23 Days on Market
SUNRIVER
$888,000
Median Price
11 Days on Market
LA PINE
$385,000
Median Price
26 Days on Market
SISTERS
$600,000
Median Price
10 Days on Market
CROOK COUNTY
$419,000
Median Price
61 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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