Happy February! We hope 2019 is off to a good start for you, and if you’re here in Bend, you’ve had a chance to get out and play in the snow.
The newest trends on Bend-area real estate have just been released and we continue to see signs of a strong, healthy market despite expected, seasonal dips. This time of year, there are typically fewer listings and a lower number of sales in Central Oregon, and the average length of time it takes to sell a home is extended.
The number of homes sold in Bend dropped to 125 sales in January, down 22% from December 2018. However, this month-to-month dip is in line with last year’s data, which showed a drop of 25% between December 2017 and January 2018, and then steady growth in the coming months. Additionally, the ratio of sales to available inventory is in line year-to-year, with 35% of listings converting to sales in both January of 2017 and 2018.
Another seasonal indicator is the “days-on-market” trend showing that it took an average of 137 days to sell a home in Bend this past January, which is 6% less than time than in January of 2018.
There are many metrics, however, that indicate how strong the Bend real estate market is for both homeowners and buyers despite the seasonal lull. The current median home price is $448,500, a high that is on par with this past June when it peaked at $449,450. More good news for sellers: there was a 16% increase in properties that went pending between December and January. Meanwhile, as more sellers embrace the opportunity to list their homes during the winter months, buyers are enjoying a broader selection of homes due to new listings, which were up from 95 in December to 174 in January. More good news for buyers: the number of price reductions increased 18% from December to January, indicating that buyers are willing to negotiate on the asking price for their home.
The bottom line is we expect to see more homes listed in the coming months, an increase in the number of sales and a decrease in the length of time it takes to sell a home.
Want more detailed market trends and what it means for you as a buyer or seller? You can see a more comprehensive analysis from Jason here. And our entire team is ready to answer your questions about the Bend-area market as you define your real estate goals for 2019. Contact us here.