The Autumnal Equinox isn't until September 22, but with Labor Day coming up, it feels like summer is winding down. One thing that is not winding down is the Central Oregon real estate market! With a much lower than average amount of homes available for sale, and rising home prices, it would make sense if the number of sold homes declined. June 2019, Bend Zip Codes 97701, 97702, and 97703 saw 324 sold homes compared to 293 in 2020. Coming into summer with so many questions about our economy had many industry experts wondering if the lower sales volume in June was a harbinger of what was to come. Any fears of a faltering housing market were un-warranted, and in July 2019, there were 313 sold homes compared to 416 in July 2020! Month to date shows August 2020 outpacing 2019 by seven homes for a total of 185. Buyer confidence remains exceptionally high, and people continue to look at making Central Oregon home. This morning, there were 276 active listings in the 97701, 97702, 97703 Zip Codes, and a whopping 673 pending sales!
Home sellers have market factors in their favor, but buyers have some critical things on their side, primarily record-low interest rates! Lenders are typically reserving the lowest interest rates for home buyers, with some refinance rates creeping up slightly. Lower rates give buyers more purchase power, which helps to secure a home in our competitive market. Looking at the tight rental market, ever-increasing rents, and buyer confidence in Central Oregon certainly seems justified. The fourth quarter is typically one of the busier times in real estate, and this Fall is on track to keep the trend going!
