Bend’s Sales volume dipped a bit in January (which is typical for this time of year), while Redmond and Sunriver were generally flat. Median Price in Sunriver retrenched from its high last year by 21% with Redmond and Bend holding steady.
Days On Market increased across the three cities with Sunriver shooting up 90 days over December’s number. Months Inventory dropped by 15 days in Bend and Redmond, while Sunriver held steady at just one month of inventory for the 5th month in a row.
Listing season should gather momentum as we move through February and into the March/April timeframe. If we see typical listing volumes, I expect there will be more pressure on home prices. If the regular spring inventory build doesn’t materialize, then it’s likely prices will remain higher in the short term. Interest rates will also play a big role in how the markets move in the spring. Buyers should expect rates to be in a range of 5.0 – 6.5%, which will likely be the new normal.
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!
January 2023 – STATISTICS