August saw a continuation of strong buyer demand with sales volumes up double digits across the three markets. Median prices were higher in Bend and Redmond and lower in Sunriver (likely due to the mix of homes sold, rather than any purchase price weakness). Days on Market dove off the cliff in the last month of summer with homes in Bend and Redmond selling in days not months, while Sunriver actually saw an increase (though I believe that has to do with higher priced homes finally selling after a longer listing duration). Inventory continues to shrink to untenable levels for the overall health of the buying side of the market. It will be interesting to see if buyer demand slows and inventory increases as we work through fall and into winter.
For those looking to buy, you’ll have to move quickly when you see something you like, be prepared with lender pre-approvals, and expect that you’ll be competing with other buyers when you submit an offer. We have strategies to help you win competitive offer situations, so don’t hesitate to reach out when you’re ready to buy.
For those looking to sell, now is the time to capitalize on the strength of the market and maximize your net proceeds from a sale. The majority of new listings are selling in days, not months, and anywhere from 5-15%+ above asking price as buyers compete for the limited amount of inventory. If you’re curious about the value of your home, reach out to me, I’d be happy to provide a Market Analysis.
While I love the warmth of summer, fall is one of my favorite times of the year. I hope you’re able to get out and enjoy it!
*Data summarized from The Beacon Report.