With the median price of a home in Bend at an all-time high, there are some metrics from the newly-released real estate market trends that indicate buyers are not deterred or reactionary in their search.
According to the most current market trends for Bend-area real estate, the median home price is up 4% month-to-month and 11% year-over-year, to a high of $462,900.
Although there was a 52% increase in the number of new listings in April, brisk sales and pending sales offset what could have been surplus inventory, and the monthly inventory dropped 24% last month. Currently, it would take 2.6 months to sell all homes actively listed in Bend. Meanwhile, home sales in Bend were up 19% in April (from 149 in March to 177) and the number of homes that went pending increased 35% (from 206 to 275).
While the market would seem to be more competitive for buyers, homes are taking 25% longer to sell than they did last month and 9% longer than April of last year. (The average days on market for this April was 132.) Additionally, patient buyers continue to find properties that have been reduced in price.
Sellers in Bend listed 284 homes in April, up from 187 new listings in March, and many of them were in the range just below the median home price ($325-$425k) and in the luxury market (over $925k). We listed a number of new properties in April, ranging from investment opportunities in the heart of Bend to spacious, architectural homes in some of Bend’s most desirable neighborhoods.
Strategically pricing your home and preparing it for the market can be an exciting yet daunting process, and we love partnering with our clients to help them bring their properties to a busy marketplace while meeting their long-term real estate goals. Need advice? Contact us!