Is the Central Oregon Real Estate Market Slowing Down?

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Numbers of Central Or Single Family Homes for Sale Up

One of the key components on the health of a real estate market is the inventory levels of the homes selling. In a balanced market, there are 6 months of supply.  In Central Oregon, there has been a great lack of inventory for several years in most of the cities which has led to a seller's market with rising home values, multiple offers and in some cases, a certain desperation for buyers to find a home.  Full price offers or even offers over asking have been the norm at certain prices for a while.  However, there appears to be a shift happening in much of Central Oregon with the number of single family residential homes available for sale rising.

The following chart shows the last two years of inventory levels for single family residential homes in Bend, Redmond, Sunriver and Sisters. As you can see, outside of the Sister's market where there has been a decrease in in inventory, all the other cities are showing a slight growth in the number of homes for sale.  As each bar reflects a total of 12 months of data, the trends cover a longer period of time and are not impacted by monthly fluctuations.

  • Bend single family homes for sale supply up 11.1% to 3 months
  • Redmond single family homes for sale supply up 19.2% to 3.1 months
  • Sunriver single family homes for sale supply up 28.6% to 3.6 months
  • Sisters single family homes for sale supply down 8.2% to 4.5 months

Central Oregon Homes for Sale August 2018

Are We Entering a Buyer's Market in Central Oregon?

For those of us who have been involved with real estate over the past few years, it is a welcome change to have more homes available for our buyers to choose from.  However, it remains to be seen whether or not these slight adjustments will continue and we develop more of a balanced market.

Original blog can be read at Bend Premier Real Estate blog.

 

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Rainer
500,251
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Lynnea,

Seems pretty minor to me, but of course the extra buyer, who finally finds a nice home will be thrilled.

Oct 01, 2018 09:06 PM #1
Rainmaker
408,162
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Dorte - this is big in our market. The posts are 12 months of information.  We have had each year 10% increase in sales prices since 2011.  The fact inventory is growing is a change.

Oct 01, 2018 09:12 PM #2
Rainmaker
3,983,315
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I hear of some areas that are slowing down, but our slow down is seasonal

Oct 02, 2018 03:09 AM #3
Rainmaker
5,033,132
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Lynnea Miller the homes that are lingering on the market have not adjusted to the present market.... they're pricing as the listings were a year ago... flying off the shelves with bidding wars of 20 bids....

Oct 02, 2018 04:38 AM #4
Rainmaker
3,128,425
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Lynnea... you may be coming out of an extreme seller's market into a more balanced market, but I don't see it as a buyer's market as yet.

Oct 02, 2018 04:42 AM #5
Rainmaker
408,162
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi William Feela . We also have a seasonal slow down, but each bar on the chart reflects 12 months of data. Compared with the year before, we have more inventory in most of the cities.

Oct 02, 2018 07:03 AM #6
Rainmaker
408,162
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Nina Hollander .  We could definately use a  more balanced market.  We have had low inventory levels for many years.

Oct 02, 2018 07:03 AM #7
Rainmaker
4,103,176
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lynnea, great market update for Central Oregon, and we are seeing inventory increasing also.

Oct 02, 2018 07:47 AM #8
Rainmaker
408,162
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Joan Cox .  The housing market is slowing down.  At the state conference last week the economist there predicted a recession in 2020.  We will see.

Oct 02, 2018 08:00 AM #9
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Rainmaker
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Lynnea Miller

Premier Real Estate Service in Central Oregon
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