This Month's Analysis

What’s happening in our market?

“We continue to see the Central Oregon market move toward greater balance. With inventory gains and the slowing of price appreciation, we’re finally seeing conditions ease up for buyers,” said Ryan Buccola, Broker/Owner RE/MAX Key Properties.

“Some buyers may be hesitant because of the rise in interest rates or looking towards other solutions like ARMs and FHA products. We are definitely starting to see the shock wear off, however, as rates continue to remain at historically low levels. It is important to realize that with inventory increasing, there are more opportunities for buyers, a leveling of home prices and a reduction in homes selling with multiple, contingent-free offers. It is also valuable to note that the median marketing times increased slightly last month from less than one week to 10 days.”

REAL ESTATE MARKET UPDATES FOR CENTRAL OREGON

Deschutes County

Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

  • July posted the fewest home sales of any month since February 2022, falling 31.8% short of July 2021.
  • Inventory grew for a fifth consecutive month by a whopping 25.1% over June and 58.1% year over year.
  • While up 11.3% year over year, the Median Sales Price of $642,500 inched just 2.2% above June’s.

The number of new listings declined for the first time in six months with a decrease of 17.6% month over month, which was a decrease of 23.4% over July 2021. Months Supply of Inventory jumped from 1.87 in June to 2.34 in July. A year ago, Months Supply of Inventory was 1.48.

Deschutes-Story-July-2022

Deschutes County MARKET CONDITIONS

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Bend, OR

Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

  • July posted the fewest home sales of any month since February 2022, falling 33.4% short of July 2021.
  • Inventory grew for a fifth consecutive month by a whopping 25.1% over June and 58.1% year over year.
  • While up 9.48% year over year, the Median Sales Price of $739,000 dropped just slightly, .14% below June’s.

The number of new listings declined for the first time in six months with a decrease of 21.2% month over month, which was a decrease of 22.4% over July 2021. Months Supply of Inventory jumped from 1.9 in June to 2.38 in July. A year ago, Months Supply of Inventory was 1.46.

Bend-Story-July-2022

Bend, Oregon, MARKET CONDITIONS

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Sisters, OR

Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

  • July home fell 23.3% short of July 2021.
  • Inventory grew for a fifth consecutive month by a whopping 37.4 over June and 55.6% year over year.
  • While up 34.78% year over year, the Median Sales Price of $775,000 also increased 20.6% above June’s.

The number of new listings in July increased 10% over July 2021. Months Supply of Inventory jumped from 2.22 in June to 3.05 in July. A year ago, Months Supply of Inventory was 1.96.

Sisters-Story-July-2022

Sisters, Oregon, MARKET CONDITIONS

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Redmond, OR

Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

  • July posted a slight increase in posted home sales, but fell 41.9% short of July 2021.
  • Inventory grew for a fifth consecutive month by a whopping 24.8% over June and 64.6% year over year.
  • While up 16.84% year over year, the Median Sales Price of $508,245 dropped 13.7% below June’s.

The number of new listings declined for the first time in three months with a decrease of 6.4% month over month, which was a decrease of 28.2% over July 2021. Months Supply of Inventory jumped from 1.49 in June to 2.86 in July. A year ago, Months Supply of Inventory was 1.13.

Redmond-Story-July-2022

Redmond, Oregon, MARKET CONDITIONS

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La Pine, OR

Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

  • July posted a decrease in posted home sales and remained consistent with July 2021 results.
  • Inventory grew for a fifth consecutive month by 19.2% over June and 16.9% year over year.
  • While up 24.28% year over year, the Median Sales Price of $432,500 increased just .58% above June’s.

The number of new listings declined for the first time in six months with a decrease of 33.75% month over month, which was a decrease of 40.4% over July 2021. Months Supply of Inventory jumped from 3.12 in June to 3.72 in July. A year ago, Months Supply of Inventory was 3.18.

La Pine-Story-July-2022

La Pine, Oregon, MARKET CONDITIONS

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Prineville, OR

 Halfway through the peak summer buying season, this year’s home sales are falling short of 2021’s, as signs of more balance in the market take hold.

  • July posted the fewest home sales of any month this year, falling 17.9% short of July 2021.
  • Inventory grew a whopping 27.16% over June and 76.5% year over year.
  • While down just slightly year over year at .75%, the Median Sales Price of $397,000 also decreased .75% below June’s.

The number of new listings declined for the fourth consecutive month with a decrease of 16.67% month over month, which was a decrease of 15.4% over July 2021. Months Supply of Inventory jumped from 2.54 in June to 3.23 in July. A year ago, Months Supply of Inventory was 1.83.

Prineville-Story-July-2022

Prineville, Oregon, MARKET CONDITIONS

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