Bend's Seasonal Adjustment, Redmond's Consistent Performance
November's real estate data presents a seasonal adjustment in Bend's market, with the median sale price for single-family residences settling at $730,000. The market witnessed a decrease in the number of sales, from 121 in October to 144 last month, and an increase in the median days-on-market to 31 days. These changes are typical of the seasonal real estate cycle. Meanwhile, Redmond's SFR market has shown consistent performance, maintaining a stable median sale price around $500,000 for the past four months. The inventory levels in Redmond have remained steady, with about a 3-month supply, demonstrating a well-balanced market.
“The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago. When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand,” reported Freddie Mac.
Mike Simonsen of Altos Research said, “We’re going into 2024 with slight home price gains, slightly easing inventory constraints, slightly increasing transaction volume, and elevated but decreasing price cuts. All in all, the US residential real estate market is currently positioned for an improved 2024.”
BEND AREA
$730,000
Median Price
31 Days on Market
REDMOND AREA
$499,000
Median Price
23 Days on Market
JEFFERSON COUNTY
$363,000
Median Price
37 Days on Market
SUNRIVER
$1,015,000
Median Price
30 Days on Market
LA PINE
$421,000
Median Price
30 Days on Market
SISTERS
$740,000
Median Price
10 Days on Market
CROOK COUNTY
$462,000
Median Price
48 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.
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