Sorry, I don’t have the Crystal Ball. It does appear that some sellers that are listing their homes too high are now taking a price reduction. It is still a seller’s market, but sellers might want to list closer to actual list price as is always the best listing strategy.
Buyers still have to be more than ready as the pool of buyers is still very large even with a little more inventory.
Now, for a few numbers reflecting the market. Median price in Bend is $640,000 a whopping increase of $176,000 over June 2020. This is fueled by 20% of home sales being over $1,000,000. List price to sales price is consistently around 105% for all price bands in the market, so most homes are still receiving multiple offers. Days on the market holds steady at around 4 days with an inventory of less than 1 month.
There is a similar story in Redmond. Median price is $451,000 with an increase of $119,000 over June of 2020. Days on the market is at 4, inventory is less than 1 month and list price to sales price is over 100%.
Median sales price in Sisters in $610,000, Sunriver $792,000, LaPine $352,000 and Crook County $378,000.
For more information on this and other market trends, contact Mark Holme