May 2024 Beacon Report: Central Oregon Market Trends
Home buying season is warming up with seasonal trends. The weather has been all over the map, but we’re getting into sixty-degree days, and warming market conditions.
Last month Bend and Redmond SFR markets had a significant increase in closings and the days on the market in both areas declined — a certain sign of seasonal thawing! The increase in Single Family Residence (SFR) sales this time of year is consistent with the historical Central Oregon real estate seasonal cycle. However, the number of Bend home closings in April 2024 (162) is 25% higher than closings in April of 2035 (129). That’s more than seasonal trends at play. In Bend, approximately 20% of sales were $1M and over in sale price.
In Bend, the median sale price for SFR decreased to $707 from $753K in March. We attribute this decrease to the rising cost of interest rates. According to FRED economic data, the 30-year fixed rate was around 7% in April.
Inventory levels at certain price points in Bend and Redmond increased last month. There is nearly an 8-month supply of SFR properties in Bend in the $1.6 to $1.8 M price range and slightly over a 9-month supply of SFR properties in the $1.8 M+ price point.
Last month, the price per square footage decreased to $348 representing nearly a 5% decline.
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.
162 homes were sold in Bend in April, up from the 116 in March — a 28% increase in month over month activity, and 25% increase year-over-year.. New building permits plummeted from 54 in March to only 21 in April representing a 61% decrease.
In Bend, homes sold in only 10 days on the market compared to March’s 20 days, representing a 50% decrease in days on the market. Days on the market for active listings is hovering around 35 days, which indicates that only competitively priced homes are closing. Outside of the specific price points discussed above, there are two months of supply of homes in Bend.
REDMOND: MAY 2024 BEACON REPORT
The Redmond median home price stayed fairly steady dipping only to $533 from $537. This is still higher than it’s been since August 2022, with the exception of last month. The average price per square foot also held fairly steady at $293, from $302. There are three months of supply on average, however, for properties priced between $650k – $800k there is a six to seven-month supply.
On average, days on the market decreased 29% to an average of 33 days in April. This is down significantly from March which had 47-day marketing timeframes.
SUNRIVER HOUSING MARKET NUMBERS
Sunriver homes were on the market for 19 days up 280% from the five-day marketing time average in March. The median home price is also up to $1,018,000, from $701,000 in April, representing a 25% increase. There are just over three months of inventory.
SISTERS HOUSING MARKET STATS
The median price of a home in sisters is $715,000, down from $732,000 representing only a 2% decrease. Homes in sisters were on the market for 38 days, representing a 100% change. There are 2.5 months of inventory.
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