Real Estate Market Trends: May 2023
Many of us were wondering if summer, or even spring, was going to start and sure enough May brought us some of both! With the end of the school year around the corner, the natural swing of real estate . Here in Central Oregon the 2023 home selling season is well under way. May brought out the buyers and sellers with many new listings hitting the market as well as leaving the market. Bend and Redmond continue to outpace other areas. With the economy and mortgage rates now about historically average, housing prices have leveled off a bit, but continue to remain strong so don’t that deter you sellers – buyers are coming out in droves this summer in Bend & Redmond.
April, while a bit slower than the rampant pace we’ve seen, was a solid a month for real estate. May solidified that message and seller as well as buyer activity hit the market. Bend and Redmond saw increases across almost all major statistics we track. 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. Furthermore, May brought a large increase in active inventory. Don’t believe us? Check the latest listings 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. Central Oregon continues to drive the fairly steady home market. Entering the summer months 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
269
last month -> 222
Avg Days on Market
28
last month -> 45
Average Sale Price to List Price
99%
last month -> 100%
# of Homes Sold
218
last month -> 125
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Redmond Market Report >>
Redmond is quietly becoming a hub for Central Oregon and as a great place. 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
117
last month -> 64
Avg Days on Market
44
last month -> 43
Average Sale Price to List Price
99%
last month -> 97.2%
# of Homes Sold
67
last month -> 53
June is here and so is the summer activity, 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!
Summer is heating up
May brought out the buyers and sellers in in Central Oregon! A bit more spring and the real estate market is on it’s way to brimming with 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!
