July 2024 Beacon Report: Central Oregon Market Trends
The temperatures in Central Oregon are boiling hot this week, with a relative cool-down next — and that’s a good metaphor for the current Central Oregon Housing Market Trends. In Bend and Redmond, we’ve got steady median prices but hearty housing inventory which means buyers can be very selective. Learn specifics about each community in this July edition of the Central Oregon Real Estate and Housing Market Report.
Bend Beacon Report
Median home values are sliding up, from $753K in May to $775K in June. The number of home sales in Bend increased as well, up 11% from May to 145 total closings in June.
Take note of days on the market and inventory: on average, home sales are taking longer, now at 15 days for closed homes. That slow-down builds up inventory, which is now 3.5 months — we haven’t seen this much inventory in years — and provides a lot of options for buyers and competition for sellers.
Let’s check what the MLS Data shows for a similar time period, considering the MLS Data reflects all the single family homes on the market — not just closed homes represented by the Beacon Report.
Bend MLS Report
The MLS Data for Bend shows a similar market representation as the Beacon Report: total listings are up (17% change month over month), days on the market are up (9%), and price adjustments are on the rise. What does it all mean?
According to Bend Relo Team Lead, David Keyte, there are limited buyers for the inventory, which creates an inconsistent market. “Some homes sell quickly, while other homes are priced at value and don’t go quickly.” Keyte recommends sellers invest in prepping the home for sale; fixing minor defects and getting the home clean and show ready — then set the best price. “Sellers really need to have the best quality home for the value to successfully sell in this market,” says Keyte.
Redmond: July 2024 Beacon Report
Large inventory (3.5 months) and plentiful days on the market (20) are also prevalent in Redmond. And similar to Bend, we are seeing stable home prices, but you really have to do your homework and prep-work to get your home sold.
Let’s see what the MLS Data adds to the Redmond housing market perspective…
Redmond MLS Report
The MLS Data for Redmond shows us that the total number of listings is up (10% month over month), more listings are changing their prices, but not as significantly as they are in Bend.
Same advice Team Lead David Keyte said above, applies to Redmond home-owners as well. Get your house in its best shape and price it right. The amount of competing homes hasn’t been this high in years.
SUNRIVER HOUSING MARKET NUMBERS
Sunriver average home prices are the highest in Central Oregon, going for $985K at the end of the second quarter — that’s the highest on record for the area. However, days on market are at 23, up from 7 days in Q1 2024, showing buyers are being more selective about their purchases.
SISTERS HOUSING MARKET STATS
Median home prices in Sisters remained at $715K for the second month in a row, while median days on the market was 7 for the past quarter — a far cry from the 50 average DOM in the first quarter of 2024.
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