Although the median home price in Bend has captured headlines multiple times this past year for record-setting highs, it is now within one percentage point of the median home price in November 2018. Based on last month’s sales data, the current median home price in Bend is $431,000, down 9% from $471,250 in October. Although the growth of the median home price in 2019 felt dramatic, it was up 7% from 2018 and 15% from 2017, indicating steadily-rising values despite month-to-month fluctuations.
“Wintertime in a beautiful mountain town like Bend can be a great time to sell your home. There is reduced competition for sellers because many people do not list their homes, or withdraw active listings, in preparation for the holidays.”
One of the reasons we provide a monthly analysis of Bend real estate trends is to offer big-picture, historical context for this data based on our years of collective experience in this unique real estate market. Fluctuations in real estate market data from month-to-month are based on many factors including seasonal cycles, economic forecasts and timing. For example, whether or not the sale of a property closes within the estimated window can be influenced by multiple variables. Sometimes buyers need more time to secure financing, repairs may need to be made prior to closing, or unfortunately, offers fall through. Also affecting the data is a wide range of properties actively on the market, some of which may not have been priced correctly when they were initially listed, and subsequently take longer to sell. Also, many properties are withdrawn from the market in anticipation of the holiday season.
All this to say, we value our advisory role with our clients, and love answering your questions about the real estate market trends and how they affect the value of your home, your timing for selling, and opportunities for investing in Bend real estate. You can contact us for a personal consultation here.
Wintertime in a beautiful mountain town like Bend can be a great time to sell your home. Winter in Central Oregon is magical, fun and breathtakingly gorgeous, and for most people who choose to live in Bend, a little snow will not keep them from house hunting. Even so, there is reduced competition for sellers because many people do not list their homes, or withdraw active listings, in preparation for the holidays. With fewer active and new listings, the current inventory in Bend has dropped 39% from October to November.
A few more headlines from the most current Bend real estate market data:
- Active listings are down 18% month-to-month, from 525 in October to 433 in November (not that far off the 457 actives in November 2018).
- New listings are down 26%, from 184 in October to 136 in November (exactly the same number of new listings in November 2018).
- The number of homes sold in November was down 20% to 167 (almost flat with last November’s sales of 170).
- The number of homes that went pending in November was down 18% at 190, a 17% increase over November 2018.
- The “days on market,” or average time it takes to sell a home in Bend right now, is relatively flat at 119 days from 122 in October.
Have questions? We love hearing from you about your real estate goals.