Real Estate Market Trends: January 2023
Hello 2023, a new year – a new you! The real estate market in Bend, Oregon has experienced some major changes to end 2022. The housing prices have subsided a bit with mortgage rates increasing causing people to reconsider whether now is the time or not to buy a home.
With that said, the Central Oregon market has been slowing down as a result of those factors and seasonality, 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 now and for the future. January saw the typical trend of slowing 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. Even with unsteady times, the unmatched draw of Central Oregon continues to drive the fairly steady home prices and activity and inventory catching up with demand. Entering the spring of 2023 home buying and selling, we are seeing inventory increases and additional opportunities.
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
220
last month -> 271
Avg Days on Market
55
last month -> 42
Average Sale Price to List Price
98%
last month -> 98%
# of Homes Sold
84
last month -> 98
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Redmond Market Report >>
The inventory for Redmond saw a small decline in active listings, but an increase in homes sold. 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 98.7% 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
120
last month -> 162
Avg Days on Market
57
last month -> 52
Average Sale Price to List Price
98.7%
last month -> 96.6%
# of Homes Sold
36
last month -> 37
2023 is here to stay, 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 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!
Breaking Out into 2023
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!
