Sales in April inched up slightly in Bend and Redmond, while Sunriver had fewer sales than the previous month. Median Prices slipped in Bend and Sunriver, but increased in Redmond.
Days On Market were lower in all three cities showing increasing buyer demand as we move deeper into the Spring. Months Inventory rose by half-a-month in Bend, was flat in Sunriver, and a smidge lower in Redmond.
Overall, the data is showing increased buyer activity, but still a mixed picture on inventory. The upper-end of the market ($1M+) is still moving well. These buyers are generally paying cash or have more favorable lending options through private banking relationships. The middle of the market ($600K-$900K) is moving slower. This segment is taking several weeks or months, with a few price reductions, before getting into contract. These buyers traditionally require a mortgage, and with existing mortgage holders still clinging to their lower mortgage rates, the typical “move-up” buyers are staying put. This is really affecting the normal flow of this sector of the real estate market.
We’re looking forward to the Summer months to see how the market moves and in what direction.
If you have questions about the market, reach out to us and we’ll share our thoughts and expertise to help you make the right decisions on buying or selling.
– Ken and Molly
PS. We really appreciate your referrals! If you have friends, family, or people-you just-met-in-line-at-the-grocery-store interested in Central Oregon real estate, please pass along our contact info. Thank you!
April 2023 – STATISTICS
Data summarized from the Beacon Report