I may sound like a broken record (remember those?), but September was another very strong month for real estate in Central Oregon. Year-over-year sales volume increased 18% in Redmond, 31% in Bend, and a whopping 173% in Sunriver (visualize the wide-eyed emoji). Median prices also rose in all three markets with Bend up the most at 24%. Don’t even get me started on days-on-market or months inventory – averaging less than a week to sell a home and so little inventory it’s measured in tenths. Wild! I expect we’ll see a little slow down in activity as we head into the winter months, but, it is 2020, so who knows.
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.
It’s getting colder. Who’s ready to play in the snow!?
Data summarized from The Beacon Report.