The median home price in Bend rose to $460,000 in February, an increase of 3% from January, and the highest since October 2019, when it was $471,250. Year over year, this is an increase of 7% in the median price of homes sold in Bend.
Like January, February was an active month for new listings, with 205 Bend homes listed for sale, an 18% increase of new listings month-to-month. However, the increase of new listings was offset by an increase in pending sale activity, keeping inventory levels in Bend low. There were 233 listings that went pending in February, an increase of 25% from January and 32% from February of 2019. The current inventory of homes for sale in Bend is 73% lower than a year ago and 35% lower than last month.
Not only is your home an investment, but it’s also a sanctuary for you and your family.
Homes are taking less time to sell than in previous months, with an average of 138 days on the market before selling. However, we are seeing strategically-priced listings sell far more quickly, even within days of hitting the market. People who are actively looking to buy a home in Bend can keep up with new listings by having a strong relationship with a full-time realtor who is deeply connected in the community and who can help them be agile in a competitive market. Although inventory is relatively low, there are opportunities to buy homes that have reduced asking prices. Fifty-one homes had price reductions in February, a 24% increase from January.
Additionally, while the recent reduction of interest rates is being interpreted as a preemptive stimulus to prevent economic slowdown by some economists, it does provide an opportunity for buyers to invest in real estate or refinance their mortgage. However, it’s important to remember that reduced interest rates by the Federal Reserve does not necessarily translate to equative adjustments in mortgage rates. We encourage you to reach out to your mortgage lender for expert advice on current rates.
With concerns about how the coronavirus outbreak is affecting our short-term economy, and may affect investments, we are encouraging our clients to stay connected with their long-term financial and life goals, especially centered around real estate. Not only is your home an investment, but it’s also a sanctuary for you and your family. Need a sounding board to discuss your short-term and long-term financial and real estate picture? We’re here to help, and look forward to a phone call to help you define your goals and strategy.