We're off to a slow but steady start this year in Central Oregon. The total number of home sales were down in February along with the median sales price for single family homes in Bend, which decreased to $427,000. While Redmond saw an increased median sales price up to $314,000, up 10% from February of 2018. Inventory remains low across the board.
Home prices continue to rise year over year as home appreciation increases, just at a slower pace. This is exactly what we want to see, a slow, steady and healthy growth.
Based on feedback received from potential buyers at our open houses, buyers are waiting to see what will happen with housing prices and interest rates. I've noted the buyer pool increasing with larger turnouts at our open houses and more showings scheduled. More buyers and low inventory typically means that prices will increase in the coming months, right along with the normal trend for Spring time.
Current homeowners may be able to use equity earned in their home to upgrade out of their starter homes or move to more desirable locations because of relatively low interest rates and continued home appreciation. This would be the ideal time to step up your home ownership and make that change. However, this current market will remain challenging for the first time or entry level homebuyers, with the lack of affordable inventory being a major hurdle in Bend. As a result we are witnessing more people considering and choosing Redmond as the more affordable option.