This Month's Analysis

What’s happening in our market?

“This fall, the seasonal slow-down in home sales is coinciding with our changing market. Inventory has increased steadily over the past few months. That coupled with rising interest rates has some buyers and sellers pumping the breaks. Home sales are still happening, however. People still love Bend! And what we are seeing is that higher-end homes in Bend continue to sell quickly, at asking, and with cash in hand. In the more interest rate sensitive sectors of the market, homes are selling more slowly which is providing opportunities for creative purchases.

“Bottom line? The market is making steady progress towards balance. Having the right real estate professional by your side is critical for buyers and sellers looking to take advantage of this transition time.”

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

REAL ESTATE MARKET UPDATES FOR CENTRAL OREGON

Deschutes County

According to October data in the COAR MLS, the number of home sales in Deschutes County has been steadily decreasing since March 2022. October sales were 8.1% lower than September and 28.7% lower than October 2021. The Median Sales Price of $682,500 declined 5.8% after peaking at $786,000 eight months earlier.

  • New listings dropped 26.4% from September and inventory increased 2%.
  • Sellers are less active than last year, as newly listed homes declined by 34.8% year-over-year.
  • The median list price declined just slightly by .8% in October, a deceleration from recent highs.
  • Time on market was 43 days, 16 days more than last year but 37 days less than typical pre-pandemic levels.
Market Update Deschutes Oct 2022

Deschutes County MARKET CONDITIONS

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Bend, OR

According to October data in the COAR MLS, the number of home sales in Deschutes County has been steadily decreasing since March 2022. October sales were 3.9% lower than September and 27.3% lower than October 2021. The Median Sales Price of $601,408 declined 7.5% after peaking at $699,000 four months earlier.

  • New listings dropped 29.7% from September and inventory increased .8%.
  • Sellers are less active than last year, as newly listed homes declined by 34.8% year-over-year.
  • The median list price declined just slightly by .8% in October, a deceleration from recent highs.
  • Time on market was 42 days, 12 days more than last year but 37 days less than typical pre-pandemic levels.
Market Update Bend Oct 2022

Bend, Oregon, MARKET CONDITIONS

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Sisters, OR

According to October data in the COAR MLS, the number of home sales in Sisters has been steadily decreasing since August 2022. October sales were 25% lower than September and 26.3% lower than October 2021. An indication of the dynamic market in Sisters, the Median Sales Price of $690,000 increased 15.5% in October.

  • New listings dropped 30% from September and inventory increased 3%.
  • Sellers are less active than last year, as newly listed homes declined by 26.3% year-over-year.
  • The median list price increased by 15.5% in October, indicative of the dynamic market and price points in Sisters.
  • Time on market was 43 days, 15 days more than last year but 37 days less than typical pre-pandemic levels.
Market Update Sisters Oct 2022

Sisters, Oregon, MARKET CONDITIONS

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Redmond, OR

According to October data in the COAR MLS, the number of home sales in Redmond increased for the first time in three months in October. October sales were 32.9% higher than September and 13.7% lower than October 2021. The Median Sales Price of $485,000 decreased 8% in October.

  • New listings increased 32.9% from September and inventory increased 3%.
  • Sellers are less active than last year, as newly listed homes declined by 13.7% year-over-year.
  • The median list price decreased 8% in October.
  • Time on market was 42 days, 22 days more than last year but 37 days less than typical pre-pandemic levels.
Market Update Redmond Oct 2022

Redmond, Oregon, MARKET CONDITIONS

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La Pine, OR

According to October data in the COAR MLS, the number of home sales in La Pine decreased for the fourth consecutive month in October. October sales were 16.7% lower than September and 23.1% lower than October 2021. The Median Sales Price of $432,500 increased 5% in October.

  • New listings decreased 10.3% from September and inventory increased 2%.
  • Sellers are less active than last year, as newly listed homes declined by 46.2% year-over-year.
  • The median list price decreased 4% in October.
  • Time on market was 60 days, 28 days more than last year but 37 days less than typical pre-pandemic levels.
Market Update La Pine Oct 2022

La Pine, Oregon, MARKET CONDITIONS

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Prineville, OR

According to October data in the COAR MLS, the number of home sales in Prineville increased in October for the first time since April. October sales were 37% higher than September and 21.3% lower than October 2021. The Median Sales Price of $385,000 decreased 7% in October.

  • New listings decreased 36.4% from September and inventory decreased 3%.
  • Sellers are less active than last year, as newly listed homes declined by 35.2% year-over-year.
  • The median list price decreased 1% in October.
  • Time on market was 51 days, 24 days more than last year but 37 days less than typical pre-pandemic levels.
Market Update Prineville Oct 2022

Prineville, Oregon, MARKET CONDITIONS

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Source: Information obtained from the MLS of Central Oregon

Additional Resources