Megan Serbus

Cell: 541.788.7003

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42 NW Greenwood Ave.
Bend, OR 97703

Specialties: First Time Home Buyer, Interior Design Assistance, Sellers, Vacation Homes, Condominiums, Relocation

This Month's Analysis

What’s happening in our market?

"In the final stretch of 2023, we experienced the familiar dynamics that mark the end of the year. December 2023 mirrored the traditional slowdown in housing market activity, echoing many aspects of December 2022.

Looking ahead to 2024, there are compelling reasons for optimism in the housing market. While the challenges of high mortgage rates and low inventory characterized much of 2023, the December data reveals positive indicators for the coming year. If we see an uptick in inventory coupled with a decline in mortgage rates, it could prompt move-up buyers to explore their options, creating opportunities for new buyers. We believe there's considerable pent-up demand, especially in an appealing market like Bend, Oregon.”

-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 $660,000 increased 1.5% month-over-month. 

The number of new listings decreased 16.6% from November.

The 3 months’ supply of inventory in December decreased 8.5% from November and was up 54.6% from one year ago.

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

Days on Market increased 14.5% from November and grew year-over-year by 19 days, from 52 to 71.

Deschutes County MARKET CONDITIONS

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Bend, OR

Notable metrics include:

The Median Sales Price of $737,000 increased 2.4% month-over-month.

The number of new listings decreased 22.5% from November.

The 2.7 months’ supply of inventory in December decreased 6.9% from November and was up 51.4% from one year ago.

The average Close-to-List Price Ratio in November was 98.5%, meaning that homes sold for 1.5% less than the asking price.

Days on Market increased 16% from November and decreased year-over-year by 8 days, from 73 to 65.

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Bend, Oregon, MARKET CONDITIONS

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Sisters, OR

Notable metrics include:

The Median Sales Price of $785,000 increased 12.9% month-over-month.

The number of new listings decreased 25% from November.

The 2.5 months’ supply of inventory in December decreased 26.5% from November and was the same as one year ago.

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

Days on Market increased 11.6% from November and increased year-over-year by 22 days, from 55 to 77.

Sisters, Oregon, MARKET CONDITIONS

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Redmond, OR

Notable metrics include:

The Median Sales Price of $501,500 decreased 3.1% month-over-month.

The number of new listings increased 27.3% from November.

The 3.4 months’ supply of inventory in December decreased slightly from November at 3.6% and was up 71% from one year ago.

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

Days on Market increased 3.1% from November and decreased year-over-year by 6 days, from 69 to 63.

Redmond, Oregon, MARKET CONDITIONS

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La Pine, OR

Notable metrics include:

The Median Sales Price of $365,500 decreased 3.8% month-over-month.

The number of new listings decreased 50% from November.

The 4.6 months’ supply of inventory in December decreased 7.9% from November and was up 40.7% from one year ago.

The average Close-to-List Price Ratio in August was 96.6%, meaning that homes sold for 3.4% less than the asking price.

Days on Market decreased 22.9% from November and grew year-over-year by 41 days, from 50 to 91.

La Pine, Oregon, MARKET CONDITIONS

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Prineville, OR

Notable metrics include:

The Median Sales Price of $431,995 increased 10.8% month-over-month.

The number of new listings decreased 48.1% from November.

The 3.8 months’ supply of inventory in December decreased 18.1% from November and was up 4.2% from one year ago.

The average Close-to-List Price Ratio in November was 100.4%, meaning that homes sold for .4% more than the asking price.

Days on Market increased 6.2% from November and decreased year-over-year by 6 days, from 87 to 81.

Prineville, Oregon, MARKET CONDITIONS

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Source: Information obtained from the MLS of Central Oregon

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