Changing Real Estate Market Conditions in Central Oregon?
The May Beacon Report for Central Oregon is in, but is it telling the full story? Not quite, according to Bend Relo’s Team Lead, David Keyte. “We have a fast moving market in Central Oregon which is not reflected in the April closing data. That’s because the majority of April closings were negotiated in February and March,” says Keyte. “We are seeing large amounts of price reductions in May, which won’t be reflected in the Beacon Reports until June and July.” Keyte explains that many recent sellers priced their homes higher, based on the early year increases, but did not find buyers, which caused them to reduce their asking prices.
With an optimistic outlook, Keyte adds, “This is a healthy and expected correction after the recent market gains. It will provide opportunities for buyers to get into the market with fewer bidding wars.” That said, let’s dive into the May Beacon Report for Central Oregon.
Bend, Oregon Real Estate May 2022
The Bend numbers show that the median home price for a single family home is seeing a slight decrease from March, at a value of $770,000 for April. This represents a $3,000 change in one month. Looking at the numbers year over year, April 2021 showed a median home price of $651,000, which means 2022 is up $119,000 from last year.
The median price per square foot echoed the slight decrease seen in the median homes sale price. For the month of April, Bend’s median sales price per square foot was $383 which is down $6 from last month.
Inventory rose in the month of April to 1.0 months of inventory.
In Bend, homes sold at an average rate of 4 days in the month of April, which is consistent with February and March.
Bottom line: The May Beacon Report for Central Oregon, and the anecdotal input of the Bend Relo team, may be our first indicators that the market is taking its foot off the gas. While conditions still remain competitive, the team at Bend Relo is prepared to help you navigate the changing real estate landscape.
Redmond, Oregon Beacon Report May 2022
Unlike Bend, Redmond’s median home price skyrocketed for the second month in a row. The median home price is now at $538,000, which is $18,000 higher than last month, and $125,000 higher than last April’s value. The median sales price per square foot is at its highest point ever. In one month, the average price per square foot rose by 13.2%, landing at $326. Days on market increased slightly, by two days, and 6 is the new value for average days on market for sold properties. Inventory levels remain low at 0.83 months.
Sunriver, Oregon Beacon Report May 2022
In Sunriver, the median sold home price soared, once more to $1,065,000 in April. This increase represents almost an 11% change, month over month. The average time spent on the market rose in the month of April, up to 8 days for sold homes. While the number of sales decreased. The inventory remains consistently low at 0.13 months.
Sisters, Oregon Beacon Report May 2022
In Sisters, the median sold home price dropped to $650,000 for the month of April. This decrease represents a $45,000 change in one month. The number of sales also dropped, with a total of 14 sales in April. Days on market slightly increased, coming in at 5 days for sold homes. While the inventory remains low at 0.3 months.