Mark Ford

Cell: 541.410.2710

Office: 541.728.0033

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42 NW Greenwood Ave.
Bend, OR 97703

Specialties: CRS, (Certified Residential Specialist), Lots, Subdivision, Land

THIS MONTH'S ANALYSIS

What’s Happening in the Central Oregon Housing Market?

“February brought some interesting shifts to our Central Oregon real estate market. Sisters was our standout performer with median prices jumping 13%, while most other areas saw modest price decreases. We're seeing more homes coming to market – especially in Sisters where new listings surged 65% – giving buyers more options than they've had in recent years. Inventory levels are up across the board compared to last year, creating a more balanced playing field where buyers can typically negotiate 1-2% off asking prices. Interestingly, despite higher inventory, homes in La Pine and Prineville are selling much faster than last year (nearly two months faster!), while Bend, Sisters, and Redmond properties are taking a bit longer to move. For sellers, proper pricing has become crucial in this more selective market. For buyers, you now have more breathing room to make thoughtful decisions with less pressure than we've seen in recent years. The diverse trends we're seeing across communities highlight the importance of understanding each specific market area when making real estate decisions.”

-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 $632,475 decreased 6% month-over-month.

The number of new listings increased 19% from January.

The 3.36 months' supply of inventory in February increased 3% from January and was up 21% from one year ago.

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

Days on Market decreased slightly from January and increased year-over-year by 15 days, from 71 to 86.

Deschutes County MARKET CONDITIONS

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Bend, OR

Notable metrics include:

The Median Sales Price of $730,675 decreased 1% month-over-month.

The number of new listings increased 22% from January.

The 3.36 months’ supply of inventory in February remained unchanged from January and was up 57% from one year ago.

The average Close-to-List Price Ratio in February was 98.2%, meaning that homes sold for 1.8% less than the asking price.

Days on Market increased 7.89% from January and increased year-over-year by 15 days, from 76 to 91.

Bend, Oregon, MARKET CONDITIONS

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Sisters, OR

Notable metrics include:

The Median Sales Price of $700,950 increased 13% month-over-month but decreased 10% year-over-year.

The number of new listings increased 65% from January.

The 3.69 months' supply of inventory in February increased 16% from January and was up 23% from one year ago.

The average Close-to-List Price Ratio in February was 99%, meaning that homes sold for 1% less than the asking price.

Days on Market increased 31% from January and increased year-over-year by 19 days, from 60 to 79.

Sisters, Oregon, MARKET CONDITIONS

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Redmond, OR

Notable metrics include:

The Median Sales Price of $497,450 decreased 10% month-over-month and decreased 3% year-over-year.

The number of new listings increased 22% from January.

The 2.74 months' supply of inventory in February increased 2% from January but was down 23% from one year ago.

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

Days on Market decreased 11% from January but increased year-over-year by 21 days, from 65 to 86.

Redmond, Oregon, MARKET CONDITIONS

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La Pine, OR

Notable metrics include:

The Median Sales Price of $349,000 decreased 7% month-over-month and decreased 16% year-over-year.

The number of new listings decreased 10% from January.

The 4.62 months' supply of inventory in February increased 4% from January and was up 21% from one year ago.

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

Days on Market decreased 32% from January and decreased year-over-year by 58 days, from 131 to 73.

La Pine, Oregon, MARKET CONDITIONS

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Prineville, OR

Notable metrics include:

The Median Sales Price of $384,500 decreased 7% month-over-month and decreased 3% year-over-year.

The number of new listings increased 8% from January.

The 4.62 months' supply of inventory in February remained virtually unchanged from January but was up 31% from one year ago.

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

Days on Market decreased 9% from January and decreased year-over-year by 50 days, from 122 to 72.

Prineville, Oregon, MARKET CONDITIONS

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Source: Information obtained from the MLS of Central Oregon

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