September 2024 Beacon Report: Central Oregon Market Trends
As Central Oregon transitions into autumn, the housing market remains strong. With rates nearing a two-year low, these conditions are the best we’ve seen for buyers in many years. The fall is a great time for buyers and sellers alike to achieve their real estate goals.
Days on the market for Bend have stayed steady at 25 days, but the number of sales has increased slightly. This is an inviting statistic for buyers, but we advise those who are looking to purchase to not get overconfident in their negotiating strength as we’ve been encountering multiple offer situations on many properties this month. This could be very positive for sellers, but it’s also important to remember that the best quality and best-priced properties are the quickest ones to leave the market.
The median home price in Bend has decreased to $706,000, which is a noticeable change from the rate of $749,000 in July of this year. However, the median price per square foot has stayed unchanged at $359. This indicates more closings are happening at the lower price points which could be due to greater rate sensitivity at the lower end of the market.
Additionally, the months of inventory have not changed and are at four months of supply in the Bend market–still remaining at the highest rate in the past three years. This statistic, in addition to lower costs, is starting to draw buyers back to the market to take advantage of the options.
As a reminder, the MLS Data gives us the total market perspective, whereas the Beacon Report shows data on homes sold.
For Bend, the MLS data shows that the total number of listings has gone down 7.69%, with an increase of 30% more days on the market. There is a slight uptick in the listings with changed prices, at a six percent decrease from the original asking price.
Redmond: September 2024 Beacon Report
The median home price in Redmond has decreased to $495,000, a stark difference from the $528,000 the previous month. This is a positive change for buyers who are looking for more affordable homes in the Redmond area.
We are also seeing a decrease in sales and more days on the market but the amount of sold properties is similar to those of the last two years signifying that the rates may pick up more in the coming months.
However, similar to Bend, Redmond’s inventory rates are at an all-time high at four months. This gives buyers plenty of options in their home search!
This data represents all active listings, while the Beacon Report reflects homes that sold.
For Redmond, we are seeing slightly more listings, with little change to the days on market. Additionally, the MLS data reflects that more sellers have not changed their prices this month.
Sunriver Housing Market Numbers
Sunriver homes continue to be on the market for five months, with a median price point of $1,038 per square foot. The number of sales has increased to 12, a few more from the eight we saw last month.
Sisters Housing Market Stats
For Sisters, we are seeing a median price of $625,000. The number of sales has decreased to nine with only five days on the market.
We are advising both buyers and sellers all over Central Oregon to take advantage of the remaining months of the 2024 market to achieve their goals and prepare for a busy 2025.
For support in finding the right time to buy or sell a home, reach out to our team.
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