Sales volume dipped in Bend and Redmond and stayed level in Sunriver. Median Prices were mixed with Sunriver increasing significantly from the previous month, Redmond was slightly higher, and Bend was little lower.
Given inventory is building, the increases in Median Price has more to do with the mix of what sold, rather than a trend of prices moving higher. Days on Market were a bit higher in Bend and Sunriver and flat in Redmond. Days on Market will likely increase as inventory builds. Months Inventory jumped in Bend and Sunriver, while Redmond was modestly higher.
As mentioned last month, the market continues to soften. Now is a good time for buyers to enter the market. You’ll benefit from lower prices, you’ll be able to take time to search for the right home (but don’t take too long, as inventory is still low by historical standards), and you’ll likely be able to negotiate for things that are important to you (which you haven’t been able to do in past couple of years).
I fully expect the market will soften further, but no one can predict the exact bottom, so don’t try. When you’re ready to start the search, start the search. When you find a home you love, buy it. Time is a far more valuable resource than a few bucks one way or the other.
Give us a call if you have questions about the market, especially if you’re considering a change to your real estate holdings.
– 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. Thanks!
* Data summarized from – The Beacon Report