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For Sale: $295,000

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Market Trends Newsletter

Central Oregon Real Estate News and Market Update August 2019

I hope you are all enjoying your Summer. With all the heat here in central Oregon, people are flocking to the reservoirs and high mountain lakes for some reprieve. Count me in on that activity. It's so nice to know after a short drive that you can find that place that helps you relax and enjoy this wonderful place we call home. I am thankful everyday to live here!

The Deschutes County Fair was a huge success again on it's Centennial year with wonderful entertainment, and great deep fried corn dogs & curly fries! You gotta have those at the fair. It's a must!

The real estate market continues to press on. Inventory levels remain low at around 3 months. A normal amount of inventory should be about 6 months. However we have seen a number of price reductions which we didn't see earlier this year. Could be a good time to find that next home or a new investment property.

Please let me know if you or someone you know needs some help. It would be my pleasure!

The comments below are from Donnie at Beacon Appraisal Group after which you will find a link to the most recent Beacon Report. The Beacon Report offers market data about real estate activity over the entire central Oregon area.
 

Record High SFR Median Sale Price in Bend

In July, the median Single Family Residential sale price in Bend hit $470,000, another record high.  The number of new detached SFR unit permits in July was 32, which was the lowest since March of 2018.  Inventory remains close to 3 months, which has been the same since May 2019.  

Redmond had a slight drop in median SFR sale price in July and the inventory has been stable at around 3 months since May 2019.

The link to the most recent Beacon Report is below.  Enjoy the remaining summer season.

Link to Beacon Report.
 
 

Information received from the Central Oregon MLS and Beacon Appraisal Group, is deemed reliable, but not guaranteed.

US Real Estate Overview

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

Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Sales as a whole are down 2.2% from a year ago (5.39 million in June 2018).


National Association of Realtors June 2019 DataNAR's chief economist, Lawrence Yun, said the nation is in the midst of a housing shortage and much more inventory is needed. “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country." "Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices.”

 

The median existing-home price for all housing types in April reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800). June’s price increase marks the 88th straight month of year-over-year gains.

Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million existing-homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018.

Properties typically remained on the market for 27 days in June, up from 26 days in May and in June of 2018. Fifty-six percent of homes sold in June were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.80% in June, down from 4.07% in May. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 35% of sales in June, up from 32% the month prior and up from the 31% recorded in June 2018.

The Best Mortgage

Shopping 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.

Take advantage of our experience! Contact us for a list of preferred mortgage professionals in our area -- pros we know will serve your interests well. Our experience can really help when it comes to finding the right mortgage professional and then getting the right mortgage for your situation.