This Month's Analysis

What’s happening in our market?

“The market remains very active right now, but there are signs of a shift in Central Oregon,” said Ryan Buccola, Owner RE/MAX Key Properties. “You have buyers rushing to beat mortgage rate hikes as well as buyers ready to roll as soon as the right listing appears. Inventory remains the biggest concern for hopeful buyers, but with sellers watching homes get snapped up in record time, the idea of cashing in on their equity gain continues to have great appeal. If things heat up even more in the coming months, buyers may have more choices and purchasing power should additional sellers choose to join the action.”

If you're considering selling or purchasing in this market, we highly recommend that you connect with one of our experts.

REAL ESTATE MARKET UPDATES FOR CENTRAL OREGON

Deschutes County

April home sales in Deschutes County fell 15% over March, while posting report records of Median Listing Price of $729,900 and Median Sales Price of $675,000. As buyers continue to outnumber sellers, we are beginning to see positive signs for inventory. Months Supply of Inventory grew slightly to 1.02 marking the first time since December 2021 that the market area reported a supply of one month.

To understand April’s drop in month-over-month sales of 15%, one can generally look at traditional peak spring home-selling season trends. Nationally, March home sales typically produce the largest monthly increase in closings each year, in sharp contrast to the average increase of just 0.5% from March to April over the past five years. However, in Deschutes County, April home sales are also down year-over-year 18% indicating that spring home-selling trends may not be the only factor at play.

The Median Listing Price for April was .3% higher than the previous report record of $727,450 set in February. Year over year, prices rose 13%.

The previous record low for Months Supply of Inventory was .7 months set in February.

Homes spent an average of 23 days on the market in April – seven less than March.

deschutes re market

Deschutes County MARKET CONDITIONS

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Bend, OR

Home sales dropped slightly, 4.8% over March in the market of Bend, Oregon, while posting a very slight decrease in Median Listing Price for the second month in a row, down from the report record in February. April’s Median Listing Price was $824,900 and Median Sales Price was $749,450 in Bend.

To understand April’s drop in month-over-month sales of 4.8%, one can generally look at traditional peak spring home-selling season trends. Nationally, March home sales typically produce the largest monthly increase in closings each year, in sharp contrast to the average increase of just 0.5% from March to April over the past five years. However, in Bend, April home sales are also down year-over-year 15% indicating that spring home-selling trends may not be the only factor at play.

The Median Listing Price for April was 5.3% lower than the report record of $871,000 set in February. Year over year, sales prices rose 19%.
The previous record low for Months Supply of Inventory was .62 months set in February.

Homes spent an average of 20 days on the market in April – eleven less than March.

bend re market

Bend, Oregon, MARKET CONDITIONS

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Additional Resources