This morning the inventory of single-family homes in Deschutes County rose to the highest point in the last several months to 293 listings. Although more properties to choose from are a massive help to buyers, sellers have not needed to be concerned about competition as demand continues to outstrip supply. The median list price in Deschutes County single-family homes is 855k, with cumulative days on the market of nineteen. With homes ranging from $199,900 to $17,250,000, there is something for everyone in Central Oregon!
Looking at the Market Action Index (linked in the chart below) for Bend zip code 97702, we are experiencing an unprecedented seller's market. While this holds for all of Bend, in many segments, prices are beginning to stabilize. That said, some market segments, in particular between $1-3M, are more competitive than ever. Anecdotally, I am aware of a property that closed recently for 355k over the asking price! Granted, this was a spectacular property that was arguably underpriced, but many desirable homes are seeing similar bidding wars. Of the single-family homes sold in Deschutes County last week, the median sale price was 538k and was on the market for five days. The median price change of sold homes was $3,500 less than the asking price, or -0.67%.