Real Estate Market Trends: May 2022
It’s no secret that mortgage rates are on the rise, Central Oregon is doing much better than the average market in America. Bend & Redmond saw some some declines, like average listing price and sale price, across the board for residential and property listings. However, being a primary market aka ‘desirable’, property and homes keep selling at an impressive pace. It’s officially June and the 2022 real estate season has entered the summer swing, we saw a good growth in the number of active listings compared to the prior month in Bend and for the Redmond area.
Bend Market Overview >>
Bend’s saw a stark increase of inventory, new listings, and listings sold for the month of May. With that said the market overall is beginning to soften a bit from the record highs we’ve seen the last 6 to 12 months. In line with the previous month(s) we’re seeing a decrease in listing price and sale price. With that said, the average home isn’t lasting long in the Bend market as they’re still selling at an impressive rate.
Inventory / Active
269
last month -> 187
Avg Days on Market
28
last month -> 13
Average Sale Price to List Price
98%
last month -> 104%
List Price Change
-5.78%
last month -> -3.80%
Don’t forget to download Bend’s complete report above for more in depth real estate statistics aggregated by our wonderful team that includes the Bend’s residential, land and acreage market.
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Redmond Market Overview >>
Inventory in Redmond nearly tripled last month keeping it a very strong real estate environment as shown by the numbers. The average sale price stayed about 100% helping offset the small decline in list price. The area’s land and acreage market saw a consistent reduction following suite with the previous months as material costs and availability continue to be a concern. Be sure to download Redmond’s complete report above.
Inventory / Active
96
last month -> 36
Avg Days on Market
24
last month -> 21
Average Sale Price to List Price
102%
last month -> 102.3%
List Price Change
-2.06%
last month -> -1.14%
Even with mortgage rates slowly rising, it’s an era of fast-paced buying and selling for the Bend and the Central Oregon market overall. Buyers often look for competitive pricing as they are house hunting. If you are considering selling your home and determining the price, 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!
Looking Forward to Summer
June is here and so is the home buying and home selling season. There is no time like now or place like central oregon to do both. We’re here to help! Since 1967, we’ve witnessed countless people fall in love with what Central Oregon has to offer. From the lakes to the rivers, mountain resorts, great food, and endless trails, our community holds a little something for every stage of life and every adventure. Allow 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!
