October Real Estate Forecast shows high numbers of pending and sold properties
While the Central Oregon Real Estate Market is in the first signs of slowing down for winter, it’s still been a highly active fall. This September, the median sales price of a home in Bend, reached another record high. For the fourth month in a row the price has climbed, reaching $416,500 in September, which was up $2,500 from August’s median price. The median home price in October fell to $404,250.
The Central Oregon market has been favoring sellers since last spring, which might level off in the coming months. The summer market was driven by committed buyers, and we expect this to continue into fall. With a higher number of pending sales in October, starting at 251, and up from 233 in September, we can expect November to be a highly active month.
The number of sold properties climbed to 228 in October, which was up from 208 in September. While the number in August was 246, this still shows that buyers are highly active during this time of year. In September we experienced an average of 114 days on the market, which was much lower than July, 141 days, and August, 136 days. Last year in September of 2016 the average number of days on the market was 104, so we’re not as quick as last year, but properties are still going rather quickly. We expect buyers interest to stay up through November and the Holiday season.
There’s still a high number of active listings on the market and buyers are still finding what they’re looking for in a property. While there have been price increases to home prices, they’ve remained modest and haven’t sky rocketed.
On existing properties there have been some price reductions, and interest rates are still low, so if you’re considering starting your home search now is a great time to start. With lots of properties to choose from you’re sure to find a property that has everything you need, and perhaps a bit more.
Find the best Bend Realtors
Finding a Bend Oregon Realtor that understands what you want in potential properties is key. Call Duke Warner today and we’ll help you find the perfect home, or get a property listed. Get in touch with us today at dukewarner.com, check out our Facebook page, or call us at (541) 382-8262.