There Has Been Strong Demand for Central Oregon Homes in All Communities
We have been focusing a lot on Bend real estate trends over the past year, but it is important to look at what has been happening in other cities in Central Oregon. We often look upon Redmond, La Pine and Prineville as wonderful towns in which home prices are more affordable and can be great options for buyers for whom Bend is too expensive. Sisters' home prices have been more comparable to those in Bend, but its unique lifestyle, size and location closer to the Willamette Valley make it a small town that may be a destination location for very specific buyers.
The real estate trends for Redmond, La Pine, Prineville and Sisters follow similar patterns to those for Bend, but at different values. The chart below outlines pending sales in July 2021 compared with July 2020 for the four cities. You can see significate demand for homes resulting in large increases in pending sales between the two time periods with the biggest percentage increase in Sisters with pending sales up 86.7% from the year before but the largest number of homes in Redmond with 72 more pending sales in July 2021 than in 2020.
The demand for Central Oregon homes in all towns has been high and has resulted in significant price increases. However, when compared with Bend's July 2021 figures, the price increases in the nearby communities have resulted in sales prices which more Central Oregon homebuyers can afford. The median sales price for a Bend home in July, 2021 was $666,500 - a new record.
Predictions for Central Oregon Real Estate Sales
As long as demand exceeds supply, we can anticipate that the sales price of Central Oregon homes will continue to rise. However, we have seen a change in July and the frantic demand of potential homebuyers that resulted in bidding wars and home prices being pushed beyond asking price has slowed. With interest rates at historically low rates, most potential homebuyers can find a home that works within their budget. If Bend homes for sale are too expensive, there are options in other Central Oregon cities.
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