Real Estate Market Trends: October 2022
Just like that Fall is a thing of the past and Central Oregon’s first snow has arrived! With the cooling weather has come a cooling economy and interest rising, creating a bit of adjustment for our housing market. With all things considered, Central Oregon remains a highly desirable area that continues to outpace other markets around the state and country. October saw a decrease in homes on the market for Bend and Redmond, Oregon for the first time in a long time. Furthermore, the continual increase in mortgage rises has promptly ensued price reductions. 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. The unmatched draw of Central Oregon continues to drive the steady home prices and activity and inventory catching up with demand. Entering the early days of winter for home buying and selling, we are seeing the annual decline in activity.
Bend Market Report >>
Bend continues to be one the hottest places to live in country. Everything that Central Oregon has to offer is just uncanny. Even with a continuing shifting economy and real estate market, Bend and surrounding areas remain a very desirable place for buyers. October saw more market consistency from the previous month. 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!
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Redmond Market Report >>
Number of homes rose quite substantially this last month for redmond, nearly topping 80 homes. The inventory for Redmond saw a small decline in active listings. While the average sale price to list price remained the same. The ebbs and flows of Redmond remained much smaller than what Bend is seeing. The average sale price was 98.8% 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.
With Thanksgiving around the corner, the Central Oregon market is still seeing a fairly 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 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!
Winter is on the Way
October started warm, ended cool and in the mix had a few days of fall. Now with the first snow and cold nights here to stay for awhile, the Central Oregon market is still statistically brimming with activity. As we move into 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 email@example.com to get the processed to started!