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CENTRAL OREGON MARKET REPORT - AUGUST 9, 2023


New Listing in Tumalo!

65605 White Rock Loop - Bend - $1,300,000

First time offered to the market! This beautiful custom home checks all the boxes for those looking to live the rural lifestyle in luxury. The very best location in town, with easy access to the city and amenities while still removed enough for great privacy and stunning mountain views. Every finish in the home creates an elegant feel and charming touch. Custom upgrades in the home include; hand scraped oak floors, a gas fireplace with juniper hearth, beautiful recessed ceiling in the dining room, Quartz counters, knotty alder cabinetry, wood paneled refrigerator doors, radiant heated floors in bathroom and much more. Plenty of room to roam on this 12+ acre paradise, with 7+ acres of in-ground irrigation, a 1,728sf hobby barn and cute gardening area. This is truly a Tumalo gem that you will not want to miss!

 

Call for more information or a private showing! - 541.525.9955

 
 

Statistics in Bend from last month show another record high with a median sale price of $800k in July! That is a big shoot up and shock to many as the general feeling for most is that the market is slowing down. The reason for the spike is of course explained better when you consider that of the 141 sales in July, nearly 32% were SFR (single family residential) properties that sold for $1Mill or higher. Homes are still moving, but inventory has balanced out to a 2 month supply and we are seeing price corrections. Redmond SFR market had an uptick in median sale price to $500k last month. The 550-600k range has filled in with inventory and become more saturated, so sellers must remain competitive with pricing or stand out features. 

 

If you're curious on how you can best capitalize on the late Summer/Fall market, give me a ring. Every market for area, property type and season seems to be in constant fluctuation. Make sure that you have all the right info and expertise to make a sound investment.    - Greg

 

Mortgage Rates Update

We are currently seeing a larger than average spread between mortgage rates and the 10-year treasury yield. Mortgage rates are typically 1.75% to 2% higher. Presently that spread is closer to 3%! 

 If (when) interest rates fall, we’ll see oversized improvement for buyers. In the meantime, buyers purchasing today are very likely to benefit from a refinance later to lower their monthly payments, while still enjoying the negotiating position available today.

 

Homebuyers Are Still More Active Than Usual

Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today.


 

Market Snapshot


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