Duke Trend Report for Bend and Redmond for August 2018
In August, we saw some of the highest numbers of active inventory in the Central Oregon Real Estate Market that we’ve seen in a while. This tells us that we can expect to see more market activity before we head into the colder, winter months. We head into Fall with the high numbers of active listings from August, as well as a steady number of new homes on the market.
Inventory
The number of active listings grew from 522 in June, to 547 in July and grew even more to 634 in August. With the highest number of inventory Bend Oregon Realtors have seen in months, now is the time for buyers to find exactly what they want. While it seems that there are many properties to choose from, Bend Oregon Realtors are seeing lots of properties sell before even hitting the market. Most properties that go into pending sale have typically been on the market for less than two weeks.
The inventory of August was very similar to the inventory in August of 2017. August and the beginning of September has the highest active inventory we’ve seen all year. August showed fewer price reductions than in July whereas properties spent about the same amount of days on the market for both July and August.
It’s still important for home sellers to keep their pricing competitive. If choosing between your property and another that’s similar, buyers will choose the property that’s more competitively priced. Be sure to talk about your listing price with your Bend Realtor and be sure that it’s appropriate for the market.
Sold and Pending Listings stay consistent
The number of pending and sold listings increased in August, from July’s numbers, which is another way to see how busy the market is as we head into Fall. Staying consistent from June and July, pending listings rose from 240 in July to 257 in August, for the Bend market. In Redmond, we saw the number of pending homes at 100 in July and then increase to 110 in August. Sold listings in Redmond grew from 78 in July to 101 in the month of August. In the Bend market, we saw pending sales at 240 in July and 257 in August. Buyers still aren’t slowing down, and they’re taking advantage of the high number of listings to choose from.
Heading into Fall
As we head into the relief of cooler days (and hopefully less smoke in Central Oregon) we still expect to see a highly active market. With the high number of active listings, and the consistent sales numbers, we expect buyers to continue to find what they’re looking for. Get out and see what’s available for your budget, especially with price reductions at a seasonal high and low-interest rates.
Call your Bend Realtor and schedule an appointment if you’re interested in looking at properties. Duke Warner is available to help you buy the perfect home, or get a home listed. Visit us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.