Real Estate Market Trends: December 2022
Bye 2022, what a year you certainly were! The real estate market in Bend, Oregon is experiencing some major changes right now. The housing prices are skyrocketing and mortgage rates are increasing. This is causing a lot of people to rethink whether or not they can afford to buy a home.
The market has been slowing down as a result of these factors, but 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 for the future. December saw the natural trend of decrease in homes on the market for Bend and Redmond, Oregon. The continual fluctuations of the mortgage industry has has ensued price reductions across most properties. The residential statistics for Bend & Redmond did only see a small decline in average list price to sale price and absolutely no movement for days on market. The unmatched draw of Central Oregon continues to drive the steady home prices and activity and inventory catching up with demand. Entering the new year, 2023 home buying and selling, we are seeing the annual slowing in activity.
Bend Market Report >>
Bend being the mount Bachelor and outdoor hub continues to be one the most desirable places to live in country. Everything that Central Oregon has to offer is just uncanny and even closer. Bend proper and surrounding areas remain a very desirable place for buyers. December saw a bit of economic and seasonal slowing consistent with the time of year. 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 98% of asking. The average home isn’t lasting long in the Bend market as they’re still selling within a four to six week time frame!
Inventory / Active
271
last month -> 347
Avg Days on Market
42
last month -> 37
Average Sale Price to List Price
98%
last month -> 98%
# of Homes Sold
98
last month -> 139
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Redmond Market Report >>
The inventory for Redmond saw a small decline in active listings, homes sold and sale price. While it didn’t not decline much, we are still seeing historical highs for the area. The ebbs and flows of Redmond grew slightly than we are seeing in Bend. The average sale price was 96.6% which possibly offset the smaller decline in list price. The area’s land and acreage market saw a consistent reduction following suite with the previous months as material costs, availability, and more rises in interest rates continue to be a concern. Be sure to download Redmond’s complete report above.
Inventory / Active
162
last month -> 170
Avg Days on Market
52
last month -> 41
Average Sale Price to List Price
96.6%
last month -> 96.9%
# of Homes Sold
37
last month -> 68
With 2023 around the corner, the Central Oregon market is still seeing a fairly quick-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 make the Central Oregon dream happen. Fortunately, with exceptional customer service, we’ve been a local choice for 55 years. 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!
A New Year, A New Market
Welcome 2023! The snow and cold nights here to stay until spring, the Central Oregon market is still statistically doing above average with activity from previous years. As we move into the heart of winter 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!
