Rising Home Prices and Growing Inventories: What's Happening in Bend and Redmond's Real Estate Markets? (Is there more to this story??)
There's definitely more to the story when looking at recent headlines around prices in the Central Oregon region. It's important to point out that attention grabbing statements like "sales prices rise closer to record level" can sometimes be misleading and even confusing for consumers when they notice homes sitting on the market and price dropping. That's because they aren't given the big picture to put things into context.
Our recent Beacon Report came out with statistics on our area and it shows a large uptick in sales price for the Bend market; up $22,000 last month, to $775,000. The reason for this is due to the fact that there is such low sales volume in the middle price points right now. Higher rates have effectively removed the average shopper and therefore skewed our numbers quite a bit. The bulk of our usual volume was once seen in the middle range; $600-1M, but last month that only made up 26.5% of the market, while nearly a third (31%) of Bend’s home sales in June were for $1 million or higher! So in conclusion, prices aren't really rising as a whole, I would almost argue they are flattening or showing a trend in the opposite direction. Let me know if you;d like to talk more on this! - Greg
What's new with Mortgage Rates?
This is a scenario for top tier borrowers with 20% down and great credit. These rates could be improved by using seller credits! Unsure what that means? Shoot me a message!
 | Why Fixing Up Your House Can Help It Sell Faster Want to sell your house quickly? Learn how simple home improvements can make all the difference in attracting buyers and closing the deal faster. |
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