October 2024 Beacon Report: Central Oregon Market Trends
As Central Oregon embraces the crisp air of October, the local housing market continues to show resilience and opportunity for both buyers and sellers. With the latest data from the Beacon Report, we can see some shifts and trends that are shaping the fall real estate landscape.
Bend Market Update
The median home price in Bend has risen slightly to $714,000, reflecting a steady demand in the market. While this is an increase from previous months, the median days on market remains stable at 26 days, indicating that well-priced and appealing properties are still moving swiftly.
In terms of overall activity, there were 148 total closings in the past month. This consistent pace of transactions suggests that buyers are taking advantage of the market conditions before the winter slowdown. However, with 3.5 months of inventory currently available, we’re seeing a healthy level of options for buyers to choose from, keeping the market balanced.
Pricing Adjustments and Inventory Insights
The MLS data shows a total of 596 homes for sale in Bend, with 330 of these listings having undergone price changes. The average price change from the original list price is significant at 6.56%, signaling that sellers are becoming more flexible and responsive to market conditions. For buyers, this could present opportunities to find homes at adjusted, more favorable prices.
It’s also notable that active homes for sale have a median of 73.5 days on the market. This longer duration compared to the median days for sold homes highlights the importance of strategic pricing and presentation. Homes that are priced correctly and show well are still moving quickly, while others may sit longer and require adjustments.
Fall Strategy for Buyers and Sellers
As the months of inventory remain at 3.5, the highest level in recent years, both buyers and sellers have unique opportunities. For buyers, this is an ideal time to explore a range of properties and negotiate favorable terms, especially as inventory levels are expected to tighten as winter approaches. Sellers, on the other hand, should remain mindful of the importance of competitive pricing and home presentation, as these factors will be critical in attracting motivated buyers and securing timely offers.
Looking Ahead
With autumn in full swing, the Bend real estate market is maintaining its momentum, offering a balanced environment for all participants. Whether you’re planning to buy or sell, staying informed about the latest market trends and conditions will be key to achieving your real estate goals. As always, our team is here to provide insights and guidance to help you navigate the ever-evolving market in Central Oregon.
If you’re considering making a move this fall, don’t hesitate to reach out for personalized advice and support tailored to your real estate needs.
What’s Up with Buyer Representation Agreements?
The October 2023 Sitzer-Burnett verdict has reinvigorated the conversation around compensation and transparency among real estate professionals. The topic of written buyer agreements is top of mind in the real estate industry, and for good reason: due to the proposed settlement reached in the litigation brought on behalf of home sellers relating to broker compensation, all MLS participants providing services to a buyer will soon be required to enter into a written agreement before the buyer tours a property on the MLS.
The legally binding contract provides protection and transparency for the agent and consumer alike.
“It solidifies and quantifies the responsibilities of the broker to the buyer and the responsibilities of the buyer working with the broker,” states Lynn Madison, a REALTOR® in Schaumburg, Il. and CEO of Madison Seminars.
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