August 2024 Beacon Report: Central Oregon Market Trends
The Central Oregon housing market has the best buyer’s conditions we’ve seen in years, while home prices remain strong for sellers, too. This balance is rare, and great for all parties involved.
Last month, the median marketing times in Bend ticked up from 15 to 25 days, while Redmond’s held steady at 22. In Bend, approximately 30% of sales were $1M and over in sale price. Yes, almost one-third of home sales were sold for over $1M — that shows a firm value placed on housing at this price point in the market.
In Bend, the median sale price for a single-family resident decreased to $749,000, similar to the price point listed in May of this year.
Last month, the price per square footage decreased to $359, which is slightly lower, but not significantly to the previous month’s numbers.
143 homes were sold in Bend during July, and new building permits decreased to 38 for the month of July representing a 51% decrease for the month, and showing that supply will continue to be limited in Central Oregon.
On average, supply and days on the market are ticking up. There are 4 months of supply in the Bend market, which is the highest that number has been in over three years. Days on the market increased to 25 representing a 40% increase from June’s 15 days. This demonstrates the need for accurate pricing, and placing your home in the best possible light to sell.
The MLS Data gives us the total market perspective, whereas the Beacon Report shows data on homes sold. With this MLS view, we can see median days on market is nearly twice as much when compared to all homes on the market: Beacon Report is 25 days and MLS is 49.
Home sellers: don’t let that figure be lost on you. If your home is the best value in the neighborhood, and in ship-shape conditions, it is likely to sell within the month. And if not…well, it could be overlooked.
Redmond: August 2024 Beacon Report
The Redmond median home price ticked down slightly from $534,000 to $528,000 representing only a 1% change. This marks a trend of decreasing prices and increasing days on the market which behooves new buyers. The average price per square foot declined slightly for the second month in a row to $293 from $296, also representing 1% change.
Days on the market ticked up slightly from 20 to 22. If you’re a seller in Redmond, you know there is more to this story than the Beacon Report is showing. Let’s look at the MLS data as well to get the scoop.
This data represents all active listings, while the Beacon Report reflects homes that sold.
As with Bend, notice that statistic of 57 days on the market…it’s much higher than the Beacon Report’s median days on the market. The takeaway: the homes that are selling within a month are the pick of the litter. Sellers, be sure to get your home priced to sell and prepared to sell: staging, new paint, fixed up…the works.
No matter if you’re buying or selling, working with the right team, and taking their advice about pricing competitively to get contracts quickly, or can help buyers find a quality home with a smart price.
Sunriver Housing Market Numbers
Sunriver homes were on the market for 5 months, representing a dramatic increase from the 65 days of marketing time average earlier this year. The median home price is down from $892,000 in June to $813 in August representing an 8% decrease. As mentioned above with only eight homes selling in the Sunriver area, taking a look at the MLS data with Dave Kettle and his team in addition to the beacon report is a necessary step to understanding true market trends.
Sisters Housing Market Stats
The median price of a home in isters is $768,000. The 16 homes that sold in Sisters were on the market for 19 days, although there are 5 months of inventory.
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