Duke Warner Trend Report for May 2020
Not many people would disagree that Central Oregon is a beautiful town to reside or visit in the summertime. Lovely sunshine during the day and stunning starlit nights make for an almost perfect summer set up. Each month we provide our latest findings in the Trend Report for your review. Now is an exceptional time to review the latest data on home purchasing trends in Central Oregon. As we continue to monitor the pandemic related changes to our community, we want to put everyone’s mind at ease and stress profoundly that the housing market is still soaring. You can depend on Duke Warner Realty to deliver the most recent data as it pertains to real estate in Central Oregon. Our Trend Reports goal each month offers valuable insights by reviewing last month’s market activity and delivering the most accurate statistics we can, based on our research. The information we provide is an informative resource for any future trends in real estate. Last month’s predictions were accurate as we anticipated finishing strong in May. As we move into the summer month of June, we already see a flourishing real estate market. Here are our latest findings from the previous month.
June 1st Inventory and Looking Ahead
More active listings, in addition to more new listings, were put into effect in May vs. April. We were arriving with 462 active listings and 258 new listings in the Bend market within a diverse range of pricing, providing a variety of homes for those looking to purchase a new home in Central Oregon this summer season. Closing out the month of May proved the number of active listings for Bend increased mildly from month-end in April, which reported at 446. May improved considerably on new listings with a substantial increase over April coming in at 258 vs. 193. Based on past trend data, we are slightly ahead for real estate sales currently. Redmond’s active listings, as of June 1st, showed a slight decrease from 215 homes overall in May to 202 currently active listings. Similar to the Bend market, the number of new listings in Redmond as of June 1st increased to 115 vs. May’s 83. The count for both Bend and Redmond remained positive in May, and as we move through June, we see the combined active listings for Central Oregon increased to 664 homes.
Month-end May statistics for the Redmond market show us 67 homes sold, 115 new homes on the market, and 97 homes pending. The majority of active homes in Redmond’s market were in the $325,100 -$425,000 price range, showing a slight decrease from last month to 82 homes. The $225,000 – $325,000 also had a mild decrease to 28 active listings, the $425,000 – $525,000 range increased by one listing to 43, and the $525,000 & up price range climbed up to 48 active listings.
For Bend, the number continued to move upward in May with a steady increase in active listings for the entire first quarter of 2020. This is promising news for new home buyers as well as home sellers. There was a slight decrease from 12 active listings to 10 in the $225,000-$325,000 range, another increase to 104 from 101 in the $325,100-$425,000 range, remaining the same with 76 active listings in the $425,100 -$525,000 range and a decrease to 54 in the $525,100 – $625,000 price range. The $625,000 – $725,000 had 49 active listings, the $725,000 – $825,000 had 46 actives and the $825,000 – $925,000 showed a substantial jump to 42 active homes listed. As you can see from our Market Trend Report, there were homes available in the higher price ranges as well, showing a slight dip for homes listed in the $925,100 & up price range at 81.
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 May, Bend had a massive leap in pending homes from 141 in April to 285 in May, and Redmond had a bump to 97 pending vs. 73 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 a reduction from 73 in April to 67 in May. Equally in Bend with a decrease from 171 sold in April to 145 sold in May. Based on the increased number of pending homes underway in June, we anticipate the sold numbers for both cities to surpass all previous figures in 2020.
Looking Ahead
Homeownership is one of the best wealth building prospects for persons seeking security. Central Oregon is a desirable community and has only continued to be more inviting over the decades. Our team of real estate experts are always available and happy to help guide you in the home buying and selling journey. With record 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.
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.