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CENTRAL OREGON MARKET REPORT - JUNE 14, 2023

One-of-a-kind Deschutes riverfront setting in Bend

19472 Pine Drive - Bend - $8,900,000

Incredible listing through our Bend, Keller Williams office! A property like this is too amazing not feature. 1.64 acres w/over 510 ft of upriver & downriver frontage, this spectacular home sits approximately 25 ft from river's edge, making this an irreplaceable build. This private estate is nestled in nature w/ privacy & space, yet minutes from Old Mill. Everything is customized in this Northwest modern, 2 story design w/extensive use of Artisan metal, IPE wood, Montana Moss harvested stone & hand carved German Shrunken Oak flooring and ceiling. Enjoy ultimate relaxation in your custom built spa, viewing kayakers shooting the rapids! *Adjacent property, a 3,500 sqft riverfront home (Built 2020), 1.58 acres, available in addition to the Main House, as one packaged purchase.

 
 

This month we saw the average price point in Bend jump from 669k up to 745k! Wow, that's a very sizable increase and pretty unexpected by most. Month over month numbers have shown our market re-balancing and flattening out for some time now. So why the sudden boom?

 

When look into the numbers, one of our busiest price ranges right now for active listings in Bend is 850-900k, with 67 listings for sale. The $1-2 million range currently has 229 and $2 million range has 83! That type of action in the higher price points may be driving our average up a bit, while inventory in affordable price points is less so. I still feel that prices will continue to level off as Buyers become less aggressive and interest rates settle in. That being said, be ready for some strong competition in the $600k and under price range. Homes are still selling fast with multiple offers in this space. - Greg

 

Mortgage Rates Update

The below rates are ranges of what to expect, but these numbers may vary based on your criteria and qualifying information. Let me know if you'd like to connect with a preferred lender.

 

Fannie Mae is Bearish on Housing and is Projecting a “Mild” Recession

The U.S. housing market has experienced some ebbs and flows this year, but it’s undoubtedly been in correction mode.


A Drop in Equity Doesn’t Mean Low Equity

Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever.


 

Market Snapshot


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