Bend and Redmond Experience Subtle Price Gains and Reduced Sales
Both Bend and Redmond experienced a slight price increase, a trend consistent with last year, and after Bend reached record highs in July. Interestingly, while property values have been on an upward trajectory, both reported fewer sales than in August and fewer sales year-over-year.
One key element to consider has been the impact of climbing mortgage rates, which have more than doubled in the last two years, influencing the market's pace and home prices.
“Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed. Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand,” reported Freddie Mac.
Mike Simonsen of Altos Research said “We can start to see price pressures for those homes sitting on the market.” He added, “Inventory is climbing faster now than last year at this time. No surge in sellers however. Last year the sales pace was falling dramatically each week. This year's slowdown is less abrupt, but fewer sales are happening. Consumers are very obviously waiting for cheaper money.”
BEND AREA
$750,000
Median Price
17 Days on Market
REDMOND AREA
$506,000
Median Price
22 Days on Market
JEFFERSON COUNTY
$358,000
Median Price
44 Days on Market
SUNRIVER
$921,000
Median Price
18 Days on Market
LA PINE
$425,000
Median Price
60 Days on Market
SISTERS
$570,000
Median Price
18 Days on Market
CROOK COUNTY
$425,000
Median Price
41 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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