Prices are climbing rapidly into the the spring selling season as listing inventory sits at just half a month of homes for sale in Bend and Redmond. Mortgage rates rose rapidly to start the month, but due to uncertainty in Ukraine the bond market pushed rates down again, at least in the short term.
While prices cooled in Redmond from last month, Bend median home prices rose more than 8% from January landing at a record of $740,000 for the month of February. Days on Market dropped across Central Oregon, signaling increasing competition for upcoming new listings.
Mortgage rates rose to 3.92% by mid-February, the highest weekly average for 30-year fixed rates in almost three years. Rates have since cooled down as the world reacts to war in Europe.
West + Main Real Estate Broker Rhianna Basye was prepared for buyers to react quickly. “I was expecting to have more buyers ask about their buying power, but that hasn't been the case.”
It turns out that homeowners on the fence responded first. “I have had a few sellers decide to list sooner than they had because they had concerns about buyers and the rising rates.”
She says that while many sellers choose to stay in the local area if they can find a replacement home, others are heading to more affordable places around the country with their next move.
“I have only had a few sellers leave Central Oregon. Most have been to upsize or downsize and stay in the area. The couple that have left the area have gone to Idaho, Colorado, or Montana.”
BEND AREA
$740,000
Median Price
4 Days on Market
REDMOND AREA
$483,000
Median Price
7 Days on Market
JEFFERSON COUNTY
$340,000
Median Price
7 Days on Market
LA PINE
$434,000
Median Price
84 Days on Market
SISTERS
$625,000
Median Price
2 Days on Market
CROOK COUNTY
$380,000
Median Price
23 Days on Market
Thank you to Beacon Appraisal Group for compiling this report. Prepared by Donnie Montagner with information from the MLS of Central Oregon with permission from COAR.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
