Duke Warner Trend Report for June 2020
Living in Central Oregon certainly has its advantages. Beautiful lakes, crystal clear rivers, abundance of sunshine, great craft breweries, sunshine (did we mention this previously?), and a bustling real estate market. If you have ever considered leaping into homeownership in Bend, OR, there is no better time than the present. Our monthly report provides our compiled, “boots on the ground,” data regarding the real estate market in stunning Central Oregon. The one fact that jumps out at us- the housing market is still the most reliable investment you can make for the future. Our June predictions were defined as strong, as we stated. We foresee finishing strong in July, as well. Here are our latest findings from the previous month.
June 1st Inventory and Looking Ahead
There were fewer active listings in June vs. May as well as fewer new listing over the previous month. We discovered 363 active listings and 250 new listings in the Bend market within a diverse pricing range. There are still various homes currently on the market for the homebuying shopper in Bend or Redmond. Even though June indicated fewer active listings, the pending home count in June vs. May was increased by the approximate amount reduced in the active listing category. June’s pending listings were 343 vs. 285 from May. Central Oregon, Real Estate market, sees record-breaking sales this year, which should provide homebuying confidence. The number of sales increased substantially from May. June landed on 225 properties sold vs. May closing 145 homes in Bend. Redmond was on fire and up all across the board. As of July 1st, active listings showed an increase from 202 homes overall in May to 211 currently active listings in June. Unlike the Bend market, the number of new listings in Redmond as of July 1st increased to 126 vs. May’s 115. The count for both Bend and Redmond continued strongly in June. As we move through July, we see the combined active listings for residential homes with less than one-acre in Central Oregon land with 664 homes available to potential homeowners.
Month-end June statistics for the Redmond market show us 96 homes sold, 126 new homes on the market, and 153 homes pending. The majority of Redmond’s market active homes were in the $325,100 -$425,000 price range, showing a decent increase from last month to 96 homes. The $225,000 – $325,000 also had a mild decrease to 23 active listings, the $425,000 – $525,000 range decreased by one listing to 42, and the $525,000 & up price range climbed up one to 49 active listings.
For Bend, the number continued to indicate less inventory on the market in June but far more pending transitions from the previous month. Promising news for home sellers. There was a decrease from 10 active listings to 5 in the $225,000-$325,000 range, a decrease from 104 in the $325,100-$425,000 range in May to 70 in June. Slightly decreasing with 62 active listings in the $425,100 -$525,000 range and also down to 32 in the $525,100 – $625,000 price range. The $625,000 – $725,000 had 39 active listings, the $725,000 – $825,000 had 42 actives and the $825,000 – $925,000 lowered to 37 active homes listed. The $925,100 + range has 76 active listings in June vs. 81 in May. Now is a great time to sell your home.
In our Central Oregon real estate market, buyers often look for competitive pricing as they consider properties. With low-interest rates and a wide variety of inventory in multiple price ranges, now is the perfect time to buy or sell your home. Whether you are buying or selling your home, we encourage you to consult with your trusted Duke Warner Broker for seasoned, expert advice. Our brokers will share their variety of experience, excitement, and in-depth market knowledge while they work for you.
Sold and Pending Listings
In June, Bend had a massive leap in pending homes as previously mentioned from 285 in May to 343 in June, and Redmond had an equally impressive jump 153 pending vs. 97 the previous month. These numbers remain consistent and tell us both buyers AND sellers are competing for available properties. For sold listings in Redmond, there was an increase from 67 in May to 96 in June. Similarly, in Bend with a substantial increase from 145 sold in May to 225 sold in June. Based on the increased number of pending homes underway currently, we anticipate the sold numbers for both cities to continue on the upward swing for 2020.
Looking Ahead
There is no more valid statement than “there is no place like home.” Our research has concluded that now is an excellent time to move into homeownership or sell your home in Central Oregon. An investment of a lifetime that continues to give back to you, your family, your future, and your wealth portfolio. Our team of real estate experts are always available and happy to help guide you in the home buying and selling journey. With low-interest rates and a variety of homes from which to choose, Central Oregon is a beautiful place to call home and establish roots. Whether you are buying for the first time, upgrading, downsizing, the Central Oregon real estate market has the perfect home for everyone. As you consider your housing needs, start to plan and look ahead, whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our experienced team knows how to price properties according to the market trends, and our expertise in the industry is reflected in our willingness to work hard for our clients. You can’t fake experience.
Give us a call today and let us help you get started! We can be reached at 541.382.8262 or send us an email at info@dukewarner.com.