Bend Oregon Real Estate Trends March 2022
With spring on the horizon in Central Oregon, Bend’s real estate market remained vigorous in February with the number of pending listings up 20% from January. While at the same time active properties decreased 10% and the number of sold properties remained essentially unchanged from January’s pace. The real estate trends in Central Oregon remain positive due to many homebuyer’s abilities for remote working and at the ability to upscale their lifestyle as compared to many urban metropolitan areas. In Duke Warner Realty’s monthly Trend Reports we offer valuable insights by analyzing last month’s real estate market activity in Central Oregon. This information can be a beneficial resource for any upcoming or changing trends we might see during the first half of 2022.
March 1 Inventory and February Activity
With 99 active listings as of March 1, the Bend market saw a 10% decrease in available listings, down from 110 from the previous month. Pending homes were at 213, up from 177 from the previous month and homes continue to sell at a very impressive pace, leaving some potential homebuyers empty-handed and ready to buy on the spot. Now is an excellent time for a homeowner who might otherwise wait until later this spring to list a home for sale. Both Bend and Redmond’s current listings are being snapped up very quickly with average days on market at only 28 days and 18 days respectively. Redmond’s active listings as of March 1, showed 49 homes active down from 57 in January. As we progress through the remaining winter months, we see the combined active listings for Central Oregon at 148 homes.
February numbers for the Redmond market shows us 59 homes sold, 86 new homes on the market, up from 81 from the previous month, and 94 homes pending up from 90 from the previous month. The bulk of active homes on Redmond’s market remain in the $525,000 & up price range, showing 40. The $225,000-$325,000 had no active listings, the $425,000-$525,000 range had 7 active listings and the $325,000-$425,000 price range showed only two active listings.
For Bend, the numbers in February continued to illustrate a market with relatively low inventory. There were no active listings in the $225,000-$325,000 range, and only one in the $325,100-$425,000 range, six in the $425,100-$525,000 range and eight in the $525,100-$625,000 price range. The $625,000-$725,000 had 15 active listings, the $725,000-$825,000 had 16 actives and the $825,000-$925,000 showed 16 active homes listed. Our Market Trend Report shows there was a slight increase in homes available in the higher price ranges, showing 37 homes in the $925,100-and-up price range. For Central Oregon overall, the supply and demand are not equally matched as more out-of-state buyers are able to relocate to our beautiful area. It truly is a very healthy seller’s market for those homeowners considering selling their property for top value.
With a fast-paced market, buyers often look for competitive pricing as they consider properties. If you are selling your home and trying to price your property, we encourage you to consult with your trusted Duke Warner Broker for seasoned, expert advice. Our brokers will share their experience, knowledge and excitement while they work for you. Our Duke Warner Realty Brokers know how to price properties according to the market trends and current housing competition.
Sold and Pending Listings
Bend had 213 pending homes in February up from 177 in January. These numbers highlight the need for more listings to keep up with the demand to buy a new home in Central Oregon. For sold listings in Bend, there were 132 in February as compared to 131 in January. In Redmond, we saw 59 sold in February up from 51 sold in January. History in the making as we continue to see real estate needs continuing to escalate in the Bend and Redmond real estate market!
Many of us know and value this special place we call home. Central Oregon is a beautiful place to live and no matter what stage of life you are in, there is something for everyone in the real estate market. As you consider your housing needs, start to plan and look ahead, whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our professional Brokers are here to offer great insights as you navigate your next home experience. Give us a call today and let us help you get started! We can be reached at (541) 382-8262 or send us an email at info@DukeWarner.com.