November 2023 Real Estate Trends
As we venture into the bustling month of November, it’s important for real estate enthusiasts to stay up-to-date with the latest market trends and insights. In this blog post, we will delve into the November real estate market in Central Oregon, providing you with valuable information on housing activity, price trends, and potential opportunities.
Central Oregon, known for its stunning landscapes and recreational activities, has experienced a vibrant real estate market in recent years. As we analyze the latest data and reports, we will explore the factors shaping the market dynamics in this picturesque region.
From Bend to Redmond, Sisters to Prineville, the Central Oregon real estate market has demonstrated resilience and growth, even amidst challenging economic circumstances. Whether you are a homeowner, investor, or prospective buyer, understanding the current trends and forecasts will empower you to make informed decisions in the Central Oregon real estate market. So let’s dive in and discover what November has in store for this thriving region.
Bend Market Report >>
Located in the heart of Oregon, Bend continues to establish itself as an unbeatable destination and one of the most desirable places to live in the entire country. With its thriving microbrew pub scene, exceptional culinary offerings, and an abundance of outdoor recreational activities, Bend offers a truly unmatched lifestyle for its residents. As the spring season approaches, buyers continue to show keen interest in Bend and the surrounding areas. While September brought about some economic and seasonal changes, including a slight softening of the average list price due to a rise in interest rates, the enthusiasm from buyers remains unwavering. In fact, the market has witnessed an impressive 98% average sale price to asking price ratio, reflecting the strong demand for properties in the area. Homes in Bend typically receive significant interest and sell within a relatively short timeframe of five to eight weeks, further affirming the high demand for real estate in this coveted region.
Inventory / Active
309
last month -> 341
Avg Days on Market
50
last month -> 32
Average Sale Price to List Price
98%
last month -> 99%
# of Homes Sold
105
last month -> 127
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Redmond Market Report >>
Redmond, located at the center of Central Oregon, is rapidly emerging as a dynamic hub and an exceptional place to call home. The city’s promising business opportunities are attracting an increasing number of individuals, making it a thriving real estate market. Home building, buying, and selling in Redmond continues to progress at an impressive pace.
Although Redmond experienced some typical market fluctuations, there was a remarkable uptick in both the volume of homes sold and their respective sale prices. Despite occasional shifts in mortgage rates, the region continues to attain record-high housing prices, with the average sale price in Redmond reaching an impressive 99% of the asking price, underscoring the consistent demand for properties in the area.
Inventory / Active
173
last month -> 185
Avg Days on Market
40
last month -> 53
Average Sale Price to List Price
95.9%
last month -> 98.5%
# of Homes Sold
39
last month -> 47
November marks the transition from the vibrant summer season to the cozy embrace of fall, bringing about a captivating time for the real estate market in the region. With its awe-inspiring landscapes, plentiful outdoor recreational opportunities, and thriving communities, Central Oregon remains a magnet for homebuyers and investors seeking to embrace the beauty of the season.
As the summer months come to a close, the real estate activity in Central Oregon begins to shift. While the market may experience a slight slowdown compared to the bustling summer season, the demand for homes remains steady. Buyers and sellers alike have the opportunity to navigate a market with slightly less competition, allowing for more thoughtful decision-making and negotiating power.
During this time, home prices in Central Oregon may stabilize, presenting potential buyers with an opportunity to find their dream home at a more favorable price. For savvy buyers who can embrace the enchanting autumn charm of the region, fall can be an advantageous time to enter the Central Oregon real estate market and secure their own slice of this captivating area.
What's in Store for 2024
As we step into the year 2024, the winter real estate market in Central Oregon holds tremendous promise and potential. With the fall season now behind us, both buyers and sellers can expect a positive outlook in the region. The trends observed in October, including an uptick in active inventory and a stable mortgage industry, contribute to the encouraging market conditions that await.
To fully seize the opportunities within this vibrant market, it becomes essential to remain informed about the latest listings and stay attuned to any market changes. Central Oregon’s winter real estate market unfurls a plethora of exciting prospects, eagerly waiting to be embraced by those seeking their perfect real estate opportunity in this captivating region.
