Central Oregon Housing Market Update for August 2020
The Central Oregon houseing market has taken off, the single family median sale price in Bend has broken another record in July.
Last month the median sale price was
$529,000, up 12.55% from July 2019. The data was reviewed three times in order to ensure the $529,000 was correct. The number of sales in Bend reached over 300 sales in July. Demand is strong and the inventory level fell slightly lower than a one month supply. This spike may be temporary and time will tell if the trend remains over $500k.
In Redmond, Oregon the housing market for single family residence had a slight increase in July, $345k, up about 9.52% from July 2019.
Building permits in Bend and Redmond are at typical levels.
In the report you will also find the smaller outlining areas of Bend, Or. Sisters, Or the median single family home price was $499,000 with 15 sales and only and average of 33 days on market. Inventory in Sisters is very low with only a two month supply.
Sunriver, Or housing market is very hot right now as well, median single family home is $507,000 with an average of only 63 days on the market, we are finiding much lower numbers than this and also receiving multiple offers. The number of single family home sales was 21 with a less than a two month supply. Inventory in this market is very low for this time of year and buyers are just waiting for homes to come on the market. There is a lot of cash sales right now as well.
The La Pine housing market has really taken off with Bend jumping in average sales price La Pine has come up in their sales prices as well. The median sales price for single family home in La Pine is $336,000, with 27 sales and an average of 27 days on the market and only 2 months inventory.
Right now the market is very hot, if you are looking to buy the best way to win at multiple offers is make your best offer. If you are a home seller now is a GREAT time to put your home on the market to get the most ROI on your investment.
If you have questions about what the Central Oregon housing market is doing please give me a call.... 541-815-0906 or email me at email@example.com
*Information obtained from the MLS of Central Oregon with permission of COAR, compiled reports by Donnie Montagner with Beacon Appraisal. Information is deemed reliable but subject to change.