The Central Oregon real estate market is officially, “HOT”. Sales in Bend and Sunriver surged in July, up 33% in Bend and 60% in Sunriver, while Redmond was late to the party and essentially flat. The dramatic increase in buyer demand pushed median prices up 10-14% across the three markets, while shrinking the time it took to sell a home anywhere from 58-73%, with Sunriver being the anomaly. Available inventory has plummeted over 60% across the board, making it much harder on buyers looking for new digs.
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.
September is around the corner – get out there and make the most of the last days of summer!
*Data summarized from The Beacon Report.