Central Oregon Real Estate Market – Q2 2021
The only thing hotter than recent Central Oregon summer temperatures is the real estate market, though we are beginning to see signs of stabilization with additional inventory trickling into the marketplace and buyer demand, though strong, not as urgent as it was earlier in the year. Buyer fatigue is setting in and some are putting their home search on hold temporarily, and as the county reopens, they’re taking time for fun, travel, visiting family, and to take a breath (instead of being glued to home search apps looking for new listings). Prices are still high but not rising as quickly as we’ve recently experienced, and overzealous sellers who aren’t adjusting to this shift are now seeing price reductions on their homes. The buyer pool continues to remain larger than available inventory, but as more homes hit the market buyers have additional options with the uptick in new listings, offering some relief for the market and is spreading out the competition over multiple homes.
The lack of available homes for sale is a national challenge, as inventory remains at historic lows across the country, though we are slowly starting to see supply increase nationwide which will impact home prices and provide buyers with more options
“Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.” – Lawrence Yun, Chief Economist, National Association of REALTORS®
The Beacon Report – July 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 July report states:
“The SFR inventory level in Bend increased (very slightly) last month, but remains at significantly low levels when compared to early 2020. Since August 2020, the SFR inventory level in Bend has been less than 1 month. The median sale price increased last month from $628k in May to $640k. The $1.8Mill+ and higher SFR market in Bend had 13 sales in June, while in June of 2020 there were only 6 sales in that price range. Of the total 247 sales in June, 48 sales were in the 1Mill and higher price ranges, making up nearly 20% of all SFR sales in Bend. The data indicates this is a new trend for the $1Mill+ market in Bend.
Comparing the bulk of sales from the July 2020 Beacon Report to the July 2021 Beacon Report, the bulk number of sales have shifted from the $350k-$500k price range in 2020, to the $450k to $650k price range in this report. $1 Mill+ properties have an influence in the Bend SFR median sale price within this report, however, prices in the other market segments continue to increase.
Redmond SFR market has increased for the third month in a row finishing at $451k, new record. Like in Bend, the SFR market in Redmond had a slight increase in inventory to 1/2 month supply in May 2021, but is left unchanged in June.
The quarterly figures for the smaller Central Oregon SFR market areas are included in this report. Each area reflects similar patterns as seen in the Bend and Redmond SFR markets. Low inventory levels (most under one month supply), low marketing times, and rising prices.”
Read the full July 2021 Beacon Report:BEACON-REPORT-July-2021
Q2 Market Statistics – Central Oregon Association of REALTORS®2021_Q2_MLSCO_Statistics_ALL
- 5 Things Homebuyers Need To Know When Making an Offer
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- Home Prices In 2021: What Will Happen This Year?
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