Real Estate Market Trends: February 2023
The short month of February has come and gone and with it some renewed action in the real estate market for Central Oregon. Housing prices have subsided a bit and leveled off with the increases in mortgage rates, however buyers are coming out early this spring in Bend & Redmond.
With spring coming soon, the Central Oregon market is showing signs of picking up early. Seasonality and the cold usually keep the number of homes sold down, but both Bend and Redmond saw increases. 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 for the future. In addition, February saw a small decrease in active inventory for Bend and Redmond, Oregon. As continual fluctuations of the mortgage industry, so price reductions across most properties. 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. Even with some economy question marks, the unmatched draw of Central Oregon continues to drive the fairly steady home market. Entering the spring of 2023 home buying and selling, we are seeing increases and additional opportunities for both buyers and sellers.
Bend Market Report >>
The microbrew pub, outdoor mecca, Bend 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. February saw a bit of economic and seasonal changing as we get closer to spring. The average list price continues to soften a bit with interest rates being twice as high from a year ago, 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 five to eight week time frame!
Inventory / Active
209
last month -> 220
Avg Days on Market
57
last month -> 55
Average Sale Price to List Price
98%
last month -> 98%
# of Homes Sold
110
last month -> 84
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Redmond Market Report >>
Redmond keeps on keeping on as a great place to live in Central Oregon. With more and more opportunities for business popping up, people want to move there. The inventory for Redmond saw a small decline in active listings, but an increase in homes sold and sale price. We are still seeing historical highs for the area even with mortgage rate fluctuations. The average sale price was 99% of asking 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
114
last month -> 120
Avg Days on Market
61
last month -> 57
Average Sale Price to List Price
99%
last month -> 98.7%
# of Homes Sold
40
last month -> 36
March is here and soon spring will be too, the Central Oregon market is still seeing a fairly quick-paced buying and selling of homes to kick off the new year. 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 56 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!
Spring is Around the Corner
February brought back the cold and snow to Central Oregon! but didn’t slow down the real estate market. Before we know it Spring will be here and the Central Oregon market will be brimming with more activity. As we move into the spring season 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 56 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!
