After two months of record-setting values, the median home price in Bend went down to $440,000 last month based on data collected from residential sales in September. The current median home price is 4% higher than it was in September 2018 and is below an average year-to-date price of $453,588 based on the Bend real estate market trends for the last nine months. Brisk sales in July and August created a short-term tightening of inventory, but as sales slowed a little in September, there are again more homes available to buyers.
Two recent interest rate reductions by the US Federal Reserve, one in August and another in September, are the first such reductions in more than a decade. Although the economy is generally regarded as “strong” based on multiple factors including continued low unemployment, the Federal Reserve lowered the interest rate one-quarter of a percentage point on September 18.
Lower mortgage rates are fueling optimism about both selling and buying a home according to new research from the National Association of Realtors. Almost two-thirds of Americans believe it’s a good time to buy a home (63%) and 74% believe it’s a good time to sell. People living in the West felt even more optimistic about selling, with 81% saying they think it’s a good time to do so.
Those signs of optimism seem to be reflected in the Bend real estate market, even with the expected seasonal slowdown of activity. Home sales were down 16% last month (from 252 in August to 212 in September), but still up 9% from last year when home sales dropped more dramatically (-25%) between August and September. The number of listings that went pending in September was down only 7% from August (last year there were 14% fewer properties pending between August and September).
The number of new listings kept pace month-to-month, with 223 homes introduced to the market in September, down only 2% from August. After a spike in August, there were 22% fewer price reductions in September (237 to 185).
Also expected, the length of time it takes to sell a home in Bend increased between August and September, from 96 days to 104, which is consistent with last September. For sellers, initially pricing your home correctly can dramatically reduce the length of time it takes to sell it. Our team analyzes market trend data and considers other factors as we evaluate asking prices for our clients, and we’ve recently had a number of properties sell within days of their listing.
From our latest Google Review: “Now that the dust has settled from the sale of our house, I wanted to share how great the Skjersaa Group was. Terry did his research and our home was priced spot-on and sold within 24 hours!”
Our entire team is ready to answer your questions about the real estate market and help guide you through selling or purchasing your next home in Bend. Don’t hesitate to contact us for a conversation about your real estate goals.