Real Estate Market Trends: July 2022
Summer is absolutely flying on by! With summer events and lovely weather in full swing, there is plenty to do and plenty of homes available now to make the Central Oregon dream come true. The Bend and Redmond, Oregon markets continue to react to an ever-changing economy. With that said Central Oregon continues to outpace other areas around the state and country. The residential statistics for Bend & Redmond did see additional declines in list price from the previous records we’ve seen. However, average sale price remained strong for the area. The unmatched draw of Central Oregon continues to drive the steady home prices, but with inventory catching up with demand time on market as seen an increase across the board. Entering the ‘dog days’ of summer home buying and selling, we saw a small growth in the number of active listings compared to the prior month in Bend and for the Redmond area.
Bend Market Overview >>
The market has been shifting, however, Bend and Central Oregon for that matter is still a hot market. June saw another increase of inventory into the mid 300s for active listings. The average list price continues to soften a bit with interest rates rising, yet buyers are still itching to live in Bend and sale price was a stellar 100% of asking. The average home isn’t lasting long in the Bend market as they’re still selling within a two week time frame!
Don’t miss out on the complete report above for more in depth look at Bend’s real estate statistics aggregated by our amazing team of brokers. The complete report include Bend’s residential, land and acreage market statistics.
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Redmond Market Overview >>
Inventory is up again in Redmond with a decent increase in active listings. While the average list price declined again, it remained much smaller than what Bend is seeing. The average sale price was 98.4% 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 rise in interest rates continue to be a concern. Be sure to download Redmond’s complete report above.
With mortgage stabilizing for now and the economy taking a step back, the Central Oregon market is still seeing the fast-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 live in Central Oregon and customer service. 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!
Moving to the End of Summer
July saw hot days and great local events! As we move past the midsummer swing for the real estate, 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 email@example.com to get the processed to started!