Central Oregon Market Report

Heat Wave

Over the last few days in Central Oregon, the air temperature has been hotter than the real estate market! For those of you that like dad-jokes, at least it is a dry heat. Fireworks in Bend will not be allowed over the fourth of July weekend, and considering the fire yesterday near the Redmond airport, I'd say that is the correct call!

Closings for single-family homes in June averaged 478 units sold between 2017 and 2020. This morning, 465 homes have closed in June 2021, a typical sales volume for the season. While sales volume seems to be following seasonal trends, median sales price has skyrocketed! The median sales price for a single-family home in Deschutes County was 611k in June 2021, up from 435k in 2020. Keep in mind that increased sales volume of homes over $2M has skewed the median, although inventory below 400k is limited.

While some segments of the Central Oregon real estate market have plateaued, that is a far cry from softening home prices. Many homes are continuing to see multiple offers, while others are reducing the asking price. So it isn't surprising that some sellers started high trying to find the correct market price, with price reductions expected for this time of year.