This Month's Analysis

What’s happening in our market?

“There is a lot of good news for buyers. They have more choices and more time to identify the right house. The number of active listings in Bend increased 83% from this time last year, and listings are staying on the market on average for 78 days. With the right agent that understands these conditions, buyers are once again finding a place at the negotiation table and we are seeing more balanced deals. And with interest rates experiencing some added pressure from factors outside of the housing market, we will hopefully see rates drop a bit.

“Bottom line? There are opportunities to make smart deals in this market. And buyers are definitely recognizing that.”

-Ryan Buccola, Broker/Owner RE/MAX Key Properties

REAL ESTATE MARKET UPDATES FOR CENTRAL OREGON

Deschutes County

Notable metrics include:

The Median Sales Price of $593,000 has dropped 12.1% since peaking at $675,000 in May.

The number of new listings increased 29% from January and was down 38% from February 2022.

The 1.8 months’ supply of inventory in February had no change from January and was up from .9 one year ago.

The average Close-to-List Price Ratio in February was 97.9%, meaning that homes sold for about 2% less than the asking price.

Days on Market grew year-over-year by 47 days, from 31 to 78.

Deschutes County MARKET CONDITIONS

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Bend, OR

Notable metrics include:

The Median Sales Price of $663,700 has dropped 15.5% since peaking at $785,000 in February.

The number of new listings increased 15.8% from January and was down 40.5% from February 2021.

The 1.6 months’ supply of inventory in February had no change from January and was up from .8 one year ago.

The average Close-to-List Price Ratio in November was 98%, meaning that homes sold for 2% less than the asking price.

Days on Market grew year-over-year by 46 days, from 31 to 77.

Bend, Oregon, MARKET CONDITIONS

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Sisters, OR

Notable metrics include:

The Median Sales Price of $575,245 has dropped 28.7% since peaking at $806,904 in May.

The number of new listings increased 50% from January and was up 40% from February 2022.

The 2.3 months’ supply of inventory did not change from January and was up from .9 one year ago.

The average Close-to-List Price Ratio in November was 96%, meaning that homes sold for 4% less than the asking price.

Days on Market grew year-over-year by 89 days, from 10 to 99.

Sisters, Oregon, MARKET CONDITIONS

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Redmond, OR

Notable metrics include:

The Median Sales Price of $463,500 has dropped 14.5% since peaking at $541,990 in August.

The number of new listings increased 51% from January and was down 37% from February 2022.

The 1.8 months’ supply of inventory in February was down just slightly from 21.9 in January and up from .8 one year ago.

The average Close-to-List Price Ratio in November was 98%, meaning that homes sold for 2% less than the asking price.

Days on Market grew year-over-year by 53 days, from 24 to 77.

Redmond, Oregon, MARKET CONDITIONS

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La Pine, OR

Notable metrics include:

The Median Sales Price of $359,500 has dropped 20.1% since peaking at $449,967 in October.

The number of new listings increased 44% from January and was down 41% from February 2022.

The 3 months’ supply of inventory was unchanged from January and up from 1.7 one year ago.

The average Close-to-List Price Ratio in December was 96%, meaning that homes sold for 4% less than the asking price.

Days on Market grew year-over-year by 41 days, from 64 to 105.

La Pine, Oregon, MARKET CONDITIONS

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Prineville, OR

Notable metrics include:

The Median Sales Price of $396,750 has dropped 16% since peaking at $472,500 in May.

The number of new listings increased 16.7% from January and was down 38.6% from February 2022.

The 3.5 months’ supply of inventory in February was up just slightly from January and up from 1.7 one year ago.

The average Close-to-List Price Ratio in December was 99.5%, meaning that homes sold for .5% less than the asking price.

Days on Market grew year-over-year by 57 days, from 55 to 112.

Prineville, Oregon, MARKET CONDITIONS

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Source: Information obtained from the MLS of Central Oregon

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