Interest rates are cooling as we move into the slowest winter months in the Central Oregon market. Buyers are getting eager again but inventory is low.
Median prices in Bend came in near the $700,000 mark, slightly above last year's median price of $683,000 in November of 2021. Total sales are still rapidly decreasing across the region.
Redmond median prices are continuing in a downward trend, coming in at $453,000 this month. This is similar to last year, but lower than the mid $500’s we saw in the spring and summer.
Mortgage rates climbed above 7% in October but have retreated over the last few weeks. “Mortgage rates decreased for the fourth consecutive week, due to increasing concerns over lackluster economic growth. Over the last four weeks, mortgage rates have declined three quarters of a point, the largest decline since 2008. While the decline in rates has been large, homebuyer sentiment remains low with no major positive reaction in purchase demand to these lower rates.” says Freddie Mac.
“Inventory is falling, but we probably only have six more weeks of declines before the spring starts climbing,” said Mike Simonsen of Altos Research. “The 2023 housing market is set to make or break with mortgage rates.”
BEND AREA
$696,000
Median Price
18 Days on Market
REDMOND AREA
$453,000
Median Price
35 Days on Market
JEFFERSON COUNTY
$325,000
Median Price
58 Days on Market
SUNRIVER
$819,000
Median Price
19 Days on Market
LA PINE
$327,000
Median Price
10 Days on Market
SISTERS
$570,000
Median Price
55 Days on Market
CROOK COUNTY
$449,000
Median Price
42 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.
