Real Estate Market Trends: August 2022
Just like that September, and the school year is here! What a summer in Real Estate for Central Oregon. We saw increases in homes on the market for Bend and Redmond, Oregon markets as well as price reductions due to increase in rates. With that said Central Oregon continues to outpace other areas around the state and country. The residential statistics for Bend & Redmond did see additional declines in list price from the previous records we’ve seen. However, average sale price remained strong for the area. The unmatched draw of Central Oregon continues to drive the steady home prices, but with inventory catching up with demand time on market as seen an increase across the board. Entering the last days of summer home buying and selling, we saw a small growth in the number of active listings compared to the prior month in Bend and for the Redmond area.
Bend Market Overview >>
Let’s face it, people want to live in Central Oregon. Even with a continuing shifting real estate market, Bend and surrounding areas remain a fairly hot commodity for buyers. July saw another increase of inventory into the high 300s for active listings. The average list price continues to soften a bit with interest rates being twice as high from this time last year, yet buyers are still itching to live in Bend and sale price was a stellar 100% of asking. The average home isn’t lasting long in the Bend market as they’re still selling within a four week time frame!
Inventory / Active
437
last month -> 461
Avg Days on Market
25
last month -> 21
Average Sale Price to List Price
99%
last month -> 99%
List Price Change
-6.80%
last month -> -6.48%
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Redmond Market Overview >>
Inventory / Active
166
last month -> 138
Avg Days on Market
20
last month -> 12
Average Sale Price to List Price
98.6%
last month -> 98.4%
List Price Change
-4.14%
last month -> -2.29%
With summer coming to a close and the economy taking a step back, the Central Oregon market is still seeing the fast-paced buying and selling of homes overall. Buyers, both local and from out of town, and sellers in town are looking for the opportunity to live in Central Oregon and customer service. If you are considering selling your home or buying one here, we encourage you to consult with our trusted Duke Warner Broker for local, expert advice. Sharing their experiences, knowledge and excitement, our brokers know how to price properties according to the market trends and current housing competition. Better yet, they know how to sell them!
Looking forward to Fall
August saw great local events, warm days, and plenty of real estate action! As we move into fall for the real estate market, our team is here to help you with any of your real estate needs. If you’re looking buy a home and or sell your home, trust our 55 years of experience! Since 1967, we’ve been fortunate enough to assist others live the Central Oregon dream through real estate. Our team of expert Brokers to guide you on what ever real estate path you choose. Give us a call (541) 382-8262 or send an email at info@dukewarner.com to get the processed to started!
