June 2024 Beacon Report: Central Oregon Market Trends
The Central Oregon housing market is swinging into the summer season.
Last month, the median marketing times in Bend held steady, while Redmond’s marketing times ticked down. In Bend, approximately 25% of sales were $1M and over in sale price. Yes, one-quarter of home sales were sold for over $1M — that’s showing there’s a firm value placed on housing in this market.
In Bend, the median sale price for a single family resident bounced back from April’s dip to hold at $753 which is unchanged from March.
Last month, the price per square footage increased to $365, which is steady with March’s previous numbers.
Bend Beacon Report
128 homes were sold in Bend during May, which is down from April’s 162, representing a decline of 26%. New building permits bounced back from their low of 21 last month to 42 representing a 100% increase.
On average, Bend homes sold in only 10 days on the market, which is unchanged and aligned with April’s 10 day marketing times. However, with this stat, home owners and prospective buyers need to keep in mind that the Beacon Report is only reflecting sold homes. When we look at another data source, the MLS Report, we see that all single family homes on the market are sitting much longer– an average of 43 days on the market. What’s the story there?
Bend MLS Report
Bend Relo Team Lead David Keyte explains, “If you are a seller, there are lots of active listings piling up that appear over-priced to buyers and these listings are not selling. In order to be one of the chosen few who sell in 10 days, you need to be best-price and best-quality in your category.”
Keyte recommends that buyers in this market are quick to move on the best-price and best-quality homes. Also, keep an eye on those good quality but high-priced homes, as they are likely to come down in price over time as sellers get more motivated.
Overall, there are 3 months of supply of homes in Bend on the market — we haven’t seen this level of inventory in more than 3 years.
Redmond: June 2024 Beacon Report
The Redmond median home price ticked up slightly from $533,000 to $534,000. This is slightly lower than the August 2022 home price, but is higher than it’s been since that peak. The average price per square foot declined slightly for the second month in a row to $288 from $293, representing a 1% change.
There are three months of supply on average, which, like Bend is higher than we’ve seen in years. Notably, days on the market decreased dramatically from 33 days in April to only 13 days, representing a 60% change. This is the fewest days on the market for the Redmond area SFR since July 2022. 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.
Redmond MLS Report
The MLS data is telling a different story for days on market. This data represents all active listings, while the Beacon Report reflects homes that sold. You can see the 54 days on market is ouch — a big shift for sellers — also a big opportunity for buyers. Do heed David Keyte’s advice regarding how sellers can price their homes to get contracts quickly, and how buyers can catch a good quality home at a smart price (see Bend notes).
SUNRIVER HOUSING MARKET NUMBERS
Sunriver homes were on the market for 65 days, representing a 70% increase from the 19 days of marketing time average in May. The median home price is down from $1,018,000 to $892,000 in June representing a 12% decrease. There are three months of inventory on the market which is flat from May.
SISTERS HOUSING MARKET STATS
The median price of a home in sisters is $700,000, down from $715,000, representing only a 2% decrease. Homes that sold in Sisters were on the market for three days, although there are 2.5 months of inventory which held steady from May.
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