Central Oregon Real Estate Market Update | Q1 2021

Central Oregon Real Estate Market – Q1 2021

After a year of COVID, the real estate market has experienced no slow down as a result of the pandemic, and we’re seeing an uptick in Zoom Towns and migration trends to places where those in the workforce can work from home in a place they want to live, and Central Oregon is one of those high in-demand places.

We’ve got less than one month of inventory available to an increasing pool of buyers that are actively seeking to purchase a home, increasing (and record-setting) median home prices due to the supply and demand challenges, intense multiple offer situations, and creative or cash-driven buyer offers for houses that are flying off the shelves as quickly as they’re active on the market (if not before).

The lack of available homes for sale is a national challenge, as inventory remains at historic lows across the country:

 

Median sales prices continue to climb

In Bend, the median sales price for March was $590,000 – up to $15,000 over the prior month and up more than $100,000 from the same time the year before.

In Redmond, the price of a single-family home sold in March was $412,000 – up $49,000 from February and $73,000 from March 2020, according to the Beacon Report for Central Oregon.

(Source: The Bulletin)

 

Q1 2021 stats by county:

 

Q1 2021 stats by city:

 

(Source: Central Oregon Association of REALTORS®)

The Beacon Report – April 2021

The latest Beacon Report (as compiled by Donnie Montagner, Beacon Appraisal Group in Bend, Oregon), breaks down the local data in Central Oregon and shows a low inventory of single-family residences in all Central Oregon market areas:

The report states: Historically, the SFR market in Central Oregon experiences a slowing of demand in the winter season and the market begins to awaken as Spring approaches.  This year, nothing seems to be following historical trends.  Well… actually the past several years have not.  The market experienced a very short slow season this winter, but it was difficult to observe by the inventory levels alone.

The migration of buyers entering the Central Oregon SFR market appears to be steady.  The median days on market for a reasonably priced property is less than one week.  Strong competition between buyers is favorable to sellers, but creates difficulty for realtors and appraisers. I can only imagine how difficult it is for realtors pricing properties in the current market.

Appraising properties in transition periods (recent rapid changes in sales price trends) is as difficult as conducting valuations with very few comparable sales.  Sales of comparable properties do not always reflect the market’s reaction in real-time when, as in this season, there are multiple offers (good market responses) and offers that exceed the asking prices and/or are beyond what comparable properties are selling for.

Read the full April 2021 Beacon Report:

BEACON-REPORT-April-2021

 

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Let’s work together 

Thinking of making a move? Or, simply have questions about this fast-paced housing market? Whether you’re selling, buying, or investing, our team of local Central Oregon real estate professionals is here to help you navigate the current real estate climate to accomplish your real estate goals.

 

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About Keeley Mannila

As the co-founder and owner of Fred Real Estate Group, Keeley is the driving force behind company culture, branding, and creative marketing strategy.