What’s going on with Central Oregon Real Estate? 4/10/2019
With the numbers out for March in Central Oregon, here’s a quick market update.
Thank goodness with the coming of Spring not only has the snow finally melted, but Bend’s real estate market is warming up.
A quick glimpse at Bend’s data shows us:
Median Sales Price is up to $445k compared to $427k in Feb.
Total # of Homes Sold is up to 149 compared to 106 in Feb.
Average Days On the Market is down to 77 compared to 103 in Feb.
Average Sq Ft price was $220 per sq ft
A majority of sales were between $300k to $450k, with a large amount of sales in the $450k to $550k range. The numbers tell the story. We are continuing to see an increase in the amount of people buying and looking for homes. Our listings and the open houses we hold are getting more showings and bigger turnouts. While the inventory remains low and the amount of buyers increasing. This typically points to one thing. Prices will continue to increase because of high demand and low inventory.
Looking at Redmond’s data:
Median Sales Price is down slightly to $313k compared to $314 in Feb.
Total # of Homes Sold is up to 67 compared to 47 in Feb.
Average Days On the Market was up to 141 compared to 91 in Feb.
Average Sq Ft price was $180 per sq ft
The sleepy town of Redmond is waking up. Even though the median sales price was down and the average days on market were up. I am consistently hearing buyers looking towards Redmond as a more affordable option. The continued revamping of older areas especially downtown, Redmond is becoming a cooler place to live. With the continued opening of new restaurants, stores and of course Breweries giving fun entertainment options. It’s also becoming very attractive for those looking to escape the busier lifestyle that Bend has become. I’ll be keeping my eye on Redmond.
If you’re considering purchasing it's a perfect time to do so, especially with interest rates at 4.33%. Buying now means you will avoid the crowded buyer pool and predictably higher prices that we’ll start to see in May through the summer months. If you already own a home and are ready for a move an option is to buy your new home now and sell your current home in the coming months, when prices will likely heat up.
A couple of great charts to see where the market has been since 2000 in Central Oregon.
