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CENTRAL OREGON MARKET REPORT - NOVEMBER 16, 2023

Redmond Airport expansion project expected to break ground next Summer

 The first phase of the Redmond airport expansion project, now with projected cost of $145 million, is expected to break ground this summer and will include a brand new concourse on the second floor, seven jet bridges and new options for food and shopping.

 
 

The market overall in Deschutes county has held strong compared to other areas of the country. Bend and Redmond prices have grown year-over-year ~7% which is still very strong appreciation considering all the changes we've seen with rates and economic trends. That being said, it's important to point out that every specific area, city and neighborhood will have different trends depending on it's location, price point and property type. With every potential Seller I meet with, I bring them statistics of their area as well as work up a hyper-localized snap shot of their neighborhood. More than likely, numbers on those two items will look very different and you don't ever want to enter the market without the specifics on what your competition looks like. The biggest thing that stands out to me from looking at these recent trends, is the gap between Seller expectations and what Buyers are willing to pay at new rates. This can be shown in the illustrations below, depicting where our sales prices are landing right now compared to their original listing price. If you're considering entering the market, think about what this data means to you and make sure to reach out if you have any questions so that it doesn't cost you in the end! - Greg

 

Original Price/Sales Price Statistics

Green = Above Asking, Blue = At List Price, Red = Below List Price

 

Mortgage Rates

 

Another old Bend motel being converted into low-income housing

The Old Mill Inn and Suites on SE 3rd Street, about two blocks north of Reed Market Road is being renovated for permanent habitation


 

Market Snapshot


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