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Market Trends Newsletter

Central Oregon Real Estate News and Market Update November 2019

Hello everyone. As another beautiful Fall in Central Oregon turns the corner towards winter, sports enthusiasts are beginning their annual preparation for fun in the snow. Residents and visitors alike can chose from a variety of downhill slopes for skiing and snowboarding along with tremendous cross country skiing and snowshoeing opportunities. When the snow arrives, get out there and have some fun!

The real estate market remains active but at a more controlled pace which is typical for this time of year. Inventory levels remain low in all areas. One positive thing for folks needing to sell their home in the winter would be the lack of competition. So if you or anyone you know needs to sell a home this winter, please let me know. I am happy to help!

The comments below were written by Donnie from Beacon Appraisal Group.

Single Family Residential median sale price in Bend increased from $440k to $470k, which is in line with the median trend in June and August. Over the past seven months, the Redmond SFR median sale price has fluctuated slightly between $315k and $338k, but most months were between $325k and $330k.   

Last month, the inventory level in Bend and Redmond declined to under 2.5 months. Building permits in Redmond climbed from 45 to 56, and Bend permits were not yet available for this report.

The link to the recent Beacon Report is below.

Have a great Thanksgiving!  

Link to Beacon Report.

Information deemed reliable but not guaranteed. Provided by Beacon Appraisal Group and MLSCO.

US Real Estate Overview

Note: September 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales receded in September following two consecutive months of increases, according to the National Association of Realtors®. Each of the four major regions witnessed sales drop off last month, with the Midwest absorbing the brunt of those declines.

Total existing-home sales (transactions that include single-family homes, townhomes, condominiums and co-ops) fell 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September. Despite the decline, overall sales are up 3.9% from a year ago (5.18 million in September 2018).

National Association of Realtors August 2019 DataLawrence Yun, NAR’s chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. “We must continue to beat the drum for more inventory,” said Yun, who has called for additional home construction for over a year. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”

The median existing-home price for all housing types in September was $272,100, up 5.9% from September 2018 ($256,900), as prices rose in all regions. September’s price increase marks 91 straight months of year-over-year gains.

Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018.

Properties typically remained on the market for 32 days in September, up from 31 days in August and even with September 2018. Forty-nine percent of homes sold in September 2019 were on the market for less than a month.

First-time buyers were responsible for 33% of sales in September, up from 31% in August and 32% recorded in September 2018. NAR’s 2018 Profile of Home Buyers and Sellers – revealed that the annual share of first-time buyers was 33%.

As the share of first-time buyers rose, individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in September 2019, unchanged from August but down from 16% recorded last September. All-cash sales accounted for 17% of transactions in September, down from 19% in August and 21% in September 2018.

“For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. “These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.61% in September, down from 3.62% in August. The average commitment rate across all of 2018 was 4.54%.

“Mortgage rates under 4% are amazingly attractive for homebuyers,” said Yun. “The rise in foot traffic as evidenced by the open rates of SentriLock key boxes shows growing buyer interest.”

Getting Your Home Ready To Sell

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

  • Bring in the light. The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical sun tubes.
  • Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.
  • Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

The Right Mortgage for You

Mortgage Approved form from LiveWellSimply.comShopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.