Molly Maphet

Cell: 541.647.0595

Office: 541.728.0033

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431 NW Franklin Ave. Bend, OR 97703

Specialties: Residential, First-time Home Buyer, Vacation Home

This Month's Analysis

What’s happening in our market?

“Despite being down 47% year over year, March home sales in Deschutes County increased for the second consecutive month, up 17.3% from February. This positive activity continues to build from the eight-month streak of sales declines that began in June and ended in February.

"At the same time, pending home sales grew in March for the third consecutive month. In Bend, pending home sales were up 11.2%. Pending home sales give us a look into future home sales one to two months down the road, so we may be seeing that the bottom in sales has occurred.

“A smart buyer or investor may want to close on a deal before prices rise this spring and summer, and then refinance should rates begin to ease up later this year.”

-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 $599,900 has dropped 11% since peaking at $675,000 in May 2022.

The number of new listings increased 46% from February and was down 24% from March 2022.

The 1.9 months’ supply of inventory in March had no change from February and was up from 1.1 one year ago.

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

Days on Market dropped slightly from February and grew year-over-year by 51 days, from 23 to 74.

Deschutes County MARKET CONDITIONS

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Bend, OR

Notable metrics include:

The Median Sales Price of $690,000 has dropped 12.1% since peaking at $785,000 in February 2022.

The number of new listings increased 52% from February and was down 26%% from March 2022.

The 1.7 months’ supply of inventory in March had just a very slight uptick from February and was up from 1 one year ago.

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

Days on Market grew year-over-year by 24 days, from 20 to 64.

Bend, Oregon, MARKET CONDITIONS

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Sisters, OR

Notable metrics include:

The Median Sales Price of $605,000 has dropped 25% since peaking at $806,904 in May 2022.

The number of new listings increased 36.4% from February and was up 7% from March 2022.

The 2 months’ supply of inventory decreased slightly from 2.5 in February and was up from 1.1 one year ago.

The average Close-to-List Price Ratio in November was 97%, meaning that homes sold for 3% less than the asking price.

Days on Market grew year-over-year by 83 days, from 27 to 110.

Sisters, Oregon, MARKET CONDITIONS

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Redmond, OR

Notable metrics include:

The Median Sales Price of $444,500 has dropped 18% since peaking at $541,990 in August 2022.

The number of new listings increased 31% from February and was down 16% from March 2022.

The 2.1 months’ supply of inventory in March was down just slightly from 1.9 in February and up from .9 one year ago.

The average Close-to-List Price Ratio in November was 97%, meaning that homes sold for 3% less than the asking price.

Days on Market grew year-over-year by 57 days, from 19 to 76.

Redmond, Oregon, MARKET CONDITIONS

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La Pine, OR

Notable metrics include:

The Median Sales Price of $408,750 has dropped 10% since peaking at $449,967 in October 2022.

The number of new listings increased 60% from February and was down 38% from March 2022.

The 3.4 months’ supply of inventory was mostly unchanged from February and up from 1.9 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 grew year-over-year by 69 days, from 55 to 124.

La Pine, Oregon, MARKET CONDITIONS

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Prineville, OR

Notable metrics include:

The Median Sales Price of $420,000 has dropped 11% since peaking at $472,500 in May 2022.

The number of new listings increased 13.9% from February and was down 42% from March 2022.

The 3.5 months’ supply of inventory in March was mostly unchanged from February w and up from 2.4 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 grew year-over-year by 65 days, from 33 to 98.

Prineville, Oregon, MARKET CONDITIONS

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Source: Information obtained from the MLS of Central Oregon

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