Happy Spring! Our team is loving the opportunity to embrace whatever weather Mother Nature sends our way, from spring skiing to getting back on the trails here in town, and hope you are, too.
Based on the latest market trends, Bend-area real estate is feeling the energy of spring also.
Sales of residential homes in Bend were up 38% (from 108 in February to 149 in March), and pending sales were up 30% (from 158 to 206). Although there was an 8% increase in the number of new listings, because of the increased sales activity, inventory tightened dramatically. Based on the available homes for sale in February, it would have taken 8.2 months to sell that inventory. That metric dropped to 3.4 months in March (a 59% decrease of inventory).
The median price of a Bend home adjusted 5% from a slight dip in February when it was $430,000. The median home price is now $444,900, a 6% increase year-over-year. The other good news for homeowners who are considering listing their properties is that homes are selling more quickly. The average number of days on market for Bend listings is down 15%, from 125 days in February to 106 in March. Year-over-year, the length of time for a listing to sell has dropped 28%.
Another trend affecting available inventory is the number of listings that were reduced in price during the month of March, which helped spur sales of homes that may have been over-valued initially. Price reductions on residential homes in Bend were up 12% in March, from 57 to 64 (but still lower than March of 2018 when 92 properties were reduced). There are opportunities for savvy buyers to buy well-valued homes from sellers who are willing to adjust the asking price to achieve their fresh start as well.
These are just the headlines from the most current data we have on the Bend real estate market. For a more in-depth analysis, see Jason’s full report here.
Our entire team is here to offer you expert guidance based on both current data and our historical experience with Central Oregon real estate, whether you are evaluating a strategy for listing your property or are looking to buy a well-valued home in Bend. Contact us with your questions!