It’s official, and Fall is here! After an epic summer of historical portions, for both home buyers and sellers in Bend, the leaves are changing, and there is a slight chill in the air. Central Oregon is as beautiful as ever, and although the seasons are changing, the real estate trends remain as fast and furious as the spring and summer. In our monthly Trend Report, we offer valuable insights by reviewing last month’s activity, which can be a wonderful resource for any upcoming trends we might see as we finish out October and move into November.
We continue to see throngs of homebuyers from out of the area seeking to relocate to Central Oregon. As many of us know, Bend has been a magical vacation town for many people and families for generations. We are not surprised to see some urbanites taking advantage of the remote work possibilities and landing on Bend as their new home destination. Just as the past several months, unprecedented transactions both in the fast selling process and the number of active home seekers who are outbidding one another is a larger factor in the increasing housing prices. The active Bend listings for September increased mildly from August but were still historically low due. Homes continue selling at a rapid-fire pace- often within hours of hitting the market. The low inventory in both Bend and Redmond markets continue to create a sellers’ market.
October 1st Inventory and September Activity
With a slight bump in active listings as of October 1st, the Bend market has 197 active listings, and Redmond experienced a substantial drop in current listings at 111. The supply and demand of buyers vs. sellers continue to be quite the precarious dance in the real estate market in Central Oregon. Still a seller’s market regardless of the season now would be an excellent time to consider selling your home if it is on the radar for Spring 2021. We see the combined active listings for Central Oregon at 308, a dip from 322 last month.
Property values are increasing substantially daily, and our experienced, local brokers have not slowed down as the summer months progressed into Autumn. They continue to seek out the ideal home for buyers, which has required 24/7 diligence as a real estate expert. The Redmond markets showed 127 homes sold, 109 new homes on the market, and 139 homes pending. The bulk of active homes on Redmond’s market were in the $325,100 -$425,000 price range, showing 42. The $225,000 – $325,000 had half the active listings from August at 6, and the $525,000 & up price range showed 38 active listings.
For Bend, the numbers in September were similar to August except for the $225,000-$325,000 range with only 1 active listing, 32 in the $325,100-$425,000 range, 38 in the $425,100-$525,000 range and 23 in the $525,100-$625,000 price range. Eager homebuyers are waiting for additional homes to be put on the market, in all price ranges, as the Duke Warner Realty trend report data exposes. We showed a slight increase to 50 active homes available in the $925,100 & up price range compared to 42 in August.
As the real estate market continues the expeditious pace, buyers should expect to compete with multiple full-price offers. If you are on the fence regarding selling your home and trying to price your property, we encourage you to consult with your trusted Duke Warner Broker for seasoned, expert advice. Our brokers will share their experience, knowledge, and excitement while they work for you. Duke brokers know how to price properties according to the market trends and current housing competition. At Duke Warner Realty, we can help you plan, sort out the details, and get you started on your home buying or selling journey.
Sold and Pending Listings
Bend had 329 pending homes in August and 272 in September. These numbers confirm the sellers’ market telling us both buyers and sellers seek to finalize a purchase or sale. For sold listings, there were 306 in August and 286 in September. In Redmond, we saw 133 sold listings in August and 127 in September. We expect the homebuying frenzy to continue feverishly through the end of 2020 well into 2021.
A Real Estate Expert is More Important Now Than Ever Before
Many of us know and value this special place we call home. Central Oregon is a beautiful place to live, and no matter what stage of life you are in, there is something for everyone in the real estate market. As you consider your housing needs, start to plan and look ahead; whether you want to buy or sell a home, keep us in mind for your real estate ventures. Our professional brokers can offer great insights as you navigate your next home experience. Give us a call today, and let us help you get started! We can be reached at 541.382.8262 or send us an email at email@example.com. Because you can’t fake experience.