This Month's Analysis

What’s happening in our market?

"The market is playing out like we expected it to, and yet, it’s keeping us on our toes. While inventory and interest rates continue to affect sales, demand for housing in Central Oregon is still strong. 

While the median sales price in Bend decreased 5% in August, we are seeing an increase in both the inventory and sales of homes priced in the luxury market. In August, sales of homes at over $1 million made up about 24% of the total sales for the month.

Bottom line? No matter your price point, working with an experienced real estate broker is the best way to navigate.”

-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 $639,900 decreased 5.2% month-over-month.

The number of new listings increased 4.4% from July.

The 3.5 months’ supply of inventory in August remained the same as July and was up 35% from one year ago.

The average Close-to-List Price Ratio in May was 98.3%, meaning that homes sold for about 1.7% less than the asking price.

Days on Market increased 30.2% from July and grew year-over-year by 12 days, from 38 to 50.

Deschutes County MARKET CONDITIONS

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Bend, OR

Notable metrics include:

The Median Sales Price of $744,750 decreased 5.1% month-over-month.

The number of new listings decreased 5.1% from July.

The 3.2 months’ supply of inventory in August remained the same as July and was up 26% from one year ago.

The average Close-to-List Price Ratio in June was 98.8%, meaning that homes sold for 1.2% less than the asking price.

Days on Market increased 42% from July and grew year-over-year by 7 days, from 36 to 43.

Bend, Oregon, MARKET CONDITIONS

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Sisters, OR

Notable metrics include:

The Median Sales Price of $720,000 increased 20% month-over-month.

The number of new listings decreased 28% from July.

The 5.5 months’ supply of inventory in August increased 13.5% from July and was up 60% from one year ago.

The average Close-to-List Price Ratio in June was 96.7%, meaning that homes sold for 3.3% less than the asking price.

Days on Market increased 12.7% from July and increased year-over-year by 17 days, from 30 to 47.

Sisters, Oregon, MARKET CONDITIONS

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Redmond, OR

Notable metrics include:

The Median Sales Price of $511,674 decreased 3.5% month-over-month.

The number of new listings increased 35% from July and was up 15.7% from August 2022.

The 3.4 months’ supply of inventory in August was steady from July and was up 36.7% from one year ago.

The average Close-to-List Price Ratio in May was 98.6%, meaning that homes sold for 1.4% less than the asking price.

Days on Market increased 19% from July and grew year-over-year by 5 days, from 37 to 42.

Redmond, Oregon, MARKET CONDITIONS

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La Pine, OR

Notable metrics include:

The Median Sales Price of $376,750 decreased 5.1% month-over-month.

The number of new listings increased 46.2% from July and was up 42.5% from August 2022.

The 5.7 months’ supply of inventory in August increased 9.8% from July and was up 53.6% from one year ago.

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

Days on Market increased 16.7% from July and 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 $368,500 declined 7.9% month-over-month.

The number of new listings increased 12.8% from July and was down 8.6% from August 2022.

The 5.1 months’ supply of inventory in August increased 7% from July and was up 27.6% from one year ago.

The average Close-to-List Price Ratio in May was 98.9%, meaning that homes sold for 1.1% less than the asking price.

Days on Market increased 42.5% from July and grew year-over-year by 20 days, from 55 to 75.

Prineville, Oregon, MARKET CONDITIONS

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Source: Information obtained from the MLS of Central Oregon

Additional Resources