Duke Warner Trend Report for July 2020
While our Central Oregon summertime may be starting to wind down which is typically an indicator of a much slower real estate pace this year it is anything but easing up. The real estate market in Central Oregon is continuing to play out at an unprecedented frenetic pace. The agents at Duke Warner Realty are receiving more new buyer referrals in recent days than ever in the same amount of time. Our agents are showing homes for sale to several new (mostly) out-of-state buyers who are visiting Bend specifically to identify a property to purchase. The home buyers’ high level of motivation and advance preparation exceeds the typical buyer who initiates their search by casually visiting Bend to explore, learn, and determine where they want to continue to investigate for a future opportunity. In fact, these home buyers are showing up with cash, pre-approval letters, checkbooks, and are ready to buy immediately. In many cases the outcome results with being outbid on homes and/or not being able to find a suitable and appealing property because inventory is lower than it has been in 13+ years. Additionally, many of the Duke Warner Realty listings have gone pending within a couple days of hitting the market. Some listings are selling for nearly 20% over asking price. In fact, some sellers decide to leave town to accommodate the back-to-back volume of showings. We have found this sentiment is being expressed by other local brokers this summer with no slow down in sight. Our market trend report offers valuable insight into last month’s activity, which is a great resource for upcoming trends we anticipate for the unforeseeable future.
August 1st Inventory and July Activity
With 297 active listings as of August 1st, the Bend market is experiencing the lowest inventory levels we have seen in over 13+ years with less than one month’s worth of inventory of available homes for sale.
This number is lower than it ever has been in Bend. Previously, June broke the record for the most pending transactions within a one-month period. July has crushed that record. Which is also seen by the record setting 318 closed Bend sales in July, the first time we have seen over 300 homes close in a month. The previous record with 261 pending homes in a one-month period was 13 years ago.
Buyers are becoming frustrated that they cannot find what they are looking for and are frequently being outbid. Our agents are continually on the lookout for the next opportunity on the chance it might be a match for our clients. Now is not the time to chance a novice real estate agent or novice real estate agency.
Redmond’s active listings as of August 1st showed 179 homes overall showing the combined active listings for Central Oregon at 476. Redmond sold 100 homes in July and offered 146 new homes on the market and 194 homes pending. The bulk of active homes on the market in Redmond were in the $325,100 -$425,000 price range, showing 78. The $225,000 – $325,000 had 17 active listings and the $525,000 & up price range showed 42 active listings.
For Bend, the numbers are record breaking! There were only 2 active listings in the $225,000- $325,000 range, 54 in the $325,100-$425,000 range, 61 in the $425,100-$525,000 range and 33 in the $525,100-$625,000 price range. We are showing 69 active homes in the $925,100 & up price range.
To add to the explosive market in Bend, the median price broke the $500k barrier all the way to $529,000. While it may be anomalous due to July’s sales being predominantly high dollar homes, it also reflects the number of available homes from $325k-$425k in July which was half of the count from May. Nevertheless the $529k figure is newsworthy for home buyers and sellers, alike.
With a frenzied, thriving real estate market in Central Oregon, and shockingly less inventory than last summer, it is truly an unprecedented sellers’ market. If you have considered selling your home for top investment return, there is no better time than now! If you want your home sold within days and for maximum market value, we encourage you to consult with your trusted Duke Warner Broker for expert advice. Our brokers will work tirelessly to advocate for you in the hottest real estate market on record
Sold and Pending Listings
Bend had 343 pending homes in June, and 372 in July. For sold listings, there were 225 in June and 318 in July. In Redmond, we saw 96 sold listings in June, and 109 in July. We continue to see prodigious numbers never seen in the Central Oregon real estate market!
Looking Ahead
As many of us know and appreciate, Central Oregon is a special place to live. Both Bend and Redmond markets are on fire as we move into the fall season. As you consider your options and look ahead, whether you want to buy or sell a home, keep us in mind for your real estate needs. Our professional brokers can offer great insights as you navigate your next home experience. Give us a call today and let us help you get started! Because you cannot fake experience. 541.382.8262 or send us an email at info@dukewarner.com.
