Real Estate Watch : October 2020

Sales numbers in October continued their march upwards in Bend and Redmond, while Sunriver saw a slight decline – which has more to do with a lack of inventory than diminished buyer interest. Median Prices rose double digits in all three markets as buyers fought to win multiple offer situations across all price points. Days on Market and Months Inventory are like a reservoir down to its last gallon of water, which makes it incredibly difficult for buyers who want their piece of Central Oregon.

Same sage advice as last month for buyers and sellers:

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.

Be safe, enjoy the Thanksgiving holiday, and celebrate what we still have, instead of what we’ve lost.

– Ken

 

 

*Data summarized from – The Beacon Report