Sales in Bend dropped by 18% in the month of July, while Redmond was lower by 11%, and Sunriver increased by 22%. Bend set an all time high for Median Price at $800K, with Redmond up at $500K, and Sunriver down at $980K.
Days on Market were 14 in Redmond, 9 in Bend, and 5 in Sunriver. Months inventory stayed flat at 2 months across the three markets for the second month in row. While the $800K median price is a high number, it reflects the fact that more homes were sold over $1M compared to homes sold under $1M. The reason for this is sellers in the $500K- $1M price range are generally staying put, even though they would like to make a move, as they don’t want to swap their 2-3% interest rate for a 6-7% rate and increase their costs. So this segment of market is not turning over as it normally would, which is keeping overall inventory stubbornly low. We expect this trend to continue, until interest rates start coming down.
August is here, which means back-to-school is just around the corner. So, get in those last vacations, soak up the warm weather, gather with family & friends and marvel how lucky we are to live in this beautiful community of Bend, Oregon!
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!
July 2023 – STATISTICS