Trend Report - August 2020
What a wild ride this summer has been in the real estate market In Central Oregon. Flocks of homebuyers, many deciding to retire or taking advantage of the remote work possibilities, have searched to make Bend their new home base. We continue to see unprecedented transactions both in the fast selling process and the number of active home seekers who are outbidding one another. The active Bend listings for August were historically low due. In part due to homes selling rapidly- often within hours of hitting the market. The low inventory in both Bend and Redmond markets continue to create a sellers’ market. Our market trend report offers valuable insight into last month’s activity. It is also an excellent resource for any upcoming trends we hope to see during the remainder of the month and into October.
September 1st Inventory and August Activity
With anomalously low active listings as of September 1st, the Bend market has 186 active listings, and Redmond has even fewer current listings at 136. The number of available homes for sale has dropped considerably over the past few months due to the frenzied buyers eager to move to Central Oregon. As we dive into Fall, now would be an excellent time to consider selling your home if it is on the radar for Spring 2021. We see the combined active listings for Central Oregon at 322.
With the “feast or famine” attitude experienced by our agents; August was one of the busiest month’s on record as the “gold rush” to find the perfect home for buyers was no easy feat. The Redmond markets showed 133 homes sold, 107 new homes on the market and 148 homes pending. The bulk of active homes on the market in Redmond were in the $325,100 -$425,000 price range, showing 54. The $225,000 – $325,000 had 12 active listings and the $525,000 & up price range showed 35 active listings.
For Bend, the numbers in August were equally as corybantic with only 5 active listings in the $225,000-$325,000 range, 26 in the $325,100-$425,000 range, 36 in the $425,100-$525,000 range and 29 in the $525,100-$625,000 price range. As you can see from our Market Trend Report, there was low inventory for eager home buyers in all price ranges. We showed only 42 active homes available in the $925,100 & up price range. compared to 76 and 69 in June and July, respectively
In this ultra-fast-paced market, buyers are expecting to compete with multiple full-price offers. If you are on the fence regarding selling your home and trying to price your property, we encourage you to consult with your trusted Duke Warner Broker for seasoned, expert advice. Our brokers will share their experience, knowledge, and excitement while they work for you. Duke brokers know how to price properties according to the market trends and current housing competition. At Duke Warner Realty, we can help you plan, sort out the details, and get you started on your home buying or selling journey.
Sold and Pending Listings
Bend had 372 pending homes in July, and 329 in August. These numbers confirm the sellers’ market telling us both buyers and sellers are on the move. For sold listings, there were 318 in July and 306 in August. In Redmond, we saw 109 sold listings in July, and 133 in August. We expect to see the law of supply and demand continue fiercely through the end of 2020
A Real Estate Expert is More Important Now Than Ever Before
As many of us know and appreciate, Central Oregon is a special place to live. Both Bend and Redmond markets are rapidly growing alongside the real estate boom. 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 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! We can be reached at 541.382.8262 or send us an email at firstname.lastname@example.org. Because you cannot fake experience.