How much did Snowpocalypse 2019 affect the Bend-area real estate market? Not as much as you might think.
Key indicators from the most current market trend data show a consistent, healthy real estate climate in Bend despite the record snowfall we received in February. Although the number of homes sold was down 14% from January to February (from 125 sales to 108), other measurements including the number of active, new and pending listings were statistically flat month-to-month.
In particular, the snowy weather didn’t keep sellers from listing their properties in February (173 new listings), and buyers didn’t hesitate to make offers (158 pending sales).
The median home price adjusted moderately to $430,000 in February (a 4% adjustment from January’s high of $448,500), and is up 5% from last February when the median home price was $410,000. Other signs of the strong real estate market in Bend are the “days on market” metric and the number of reductions. Homes sold 9% more quickly in February than in January and 7% more quickly year-to-year. The prices on only 57 listings were reduced last month as compared to 71 in January and 79 last February.
As the snow melts and we transition into spring, we expect the Bend real estate market to show continued signs of steady growth in value and activity. For a more detailed analysis of the recent real estate data for the Bend market, read more from Jason here.
Lastly, it’s no secret that we love winter and have a passion for playing in the snow at the Skjersaa Group. We are proud of our community for embracing the recent snowfall, which in only a few weeks’ time brought the Snow Water Equivalent levels for Central Oregon lakes and rivers up to 110% of normal. In the meantime, we hope you’ll enjoy spring skiing at Mt. Bachelor, reconnecting with the local trails as they thaw, and making plans for summer adventures in Bend.