Real Estate Market Trends: August 2023
What a whirlwind summer was, not many of can believe it’s already come to a close and the school year is in full swing! The natural swing of the Central Oregon real estate market is continued to hold pace with some slowing do to the time of year. Bend and Redmond are leading the way, outpacing other areas in Oregon and the country for that matter. In August, listings continued to rise and homes continued to sell. Both buyers and sellers taking are advantage of this time. Housing prices have remained strong, although they have slightly stabilized and/ or reduced due to the fluctuating economy and mortgage rates. While the rates seem high now, they’re actually at historically average levels. Don’t let this discourage you sellers, as buyers are flocking in droves to Bend and Redmond to live. Get ready for a successful selling season ahead!
August was another solid a month for real estate in Central Oregon. It solidified that message and seller again that buyer activity and seller activity is here to stay. Bend and Redmond saw increases across almost all major statistics we track at Duke Warner. If you’re in the market, it’s still important to keep an eye on these trends so that you know what’s happening and how it might affect your plans to buy or sell now and in the future. August brought another increase in active inventory, something we’ve lacked in the last several years. Follow this link to view the latest listings for Bend and Redmond, Oregon. With the fed seeming to stabilize, the fluctuations of the mortgage industry we’ve seen should also stabilize. The residential statistics for Bend & Redmond did see a small increase in average list price to sale price and the same movement for number of days on market. Central Oregon continues to drive the fairly steady home market. Entering the final summer month of 2023 home buying and selling, we are seeing increases and additional opportunities for both buyers and sellers.a
Bend Market Report >>
Bend, as always is the place to be! With its thriving microbrew pub scene, delicious food, and abundant outdoor opportunities, it remains one of the most sought-after places to live in the country. The allure of Central Oregon and its proximity to everything the region has to offer is simply unparalleled. Bend proper and the surrounding areas continue to be highly desirable for buyers. As we transition closer to spring, August brought some economic and seasonal changes. The average list price has experienced a slight softening due to the interest rates being twice as high as they were a year ago. However, this hasn’t dampened the enthusiasm of buyers who are still eager to call Bend home, resulting in a stellar 98% sale price to asking price ratio. Homes in Bend don’t stay on the market for long, typically selling within a five to eight-week timeframe, highlighting the high demand for properties in the area.
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Redmond Market Report >>
Redmond is quickly emerging as a vibrant hub in Central Oregon and a fantastic place to live. With an increasing number of business opportunities springing up, more and more people are drawn to the area – the home building, buying, and selling continue at a great pace. Available homes in Redmond experienced the usual changes we see in the market described above, there was a notable increase in the number of homes sold and the sale price. Despite fluctuations in mortgage rates, the area continues to achieve historical highs in terms of housing prices. The average sale price reached an impressive 99% of the asking price.
August marks the peak of the summer season, and it is an exciting time for real estate in the region. With its stunning landscapes, outdoor recreational opportunities, and thriving communities, Central Oregon attracts many homebuyers and investors during this time.
Central Oregon experiences a surge in real estate activity during the summer months, as buyers take advantage of the warm weather and longer days to explore the area. The demand for properties increases, creating a competitive market for both buyers and sellers. Home prices tend to rise during this time, as more buyers are willing to pay a premium for a piece of their own Central Oregon escape.
Moving into Fall
August marked the end of peak summer home season, and what an exciting time for real estate in the region. As it came to a close, school is here and that usually means some slowing as families settle in for the coming year. Regardless, with its stunning landscapes, outdoor recreational opportunities, and thriving communities, Central Oregon attracts many homebuyers and investors during this time.
Central Oregon Living is a dream come true for many, and it’s not hard to see why. With its stunning natural beauty and endless outdoor recreational opportunities, Central Oregon offers a lifestyle that’s hard to rival. Surrounded by mountains, lakes, and rivers, residents can enjoy activities like hiking, biking, skiing, and fishing right at their doorstep. The local community is vibrant and welcoming, with a strong focus on wellness, sustainability, and the arts. It’s truly a pleasure being able to make the dreams come true of so many!