After reaching an all-time median home price of $466,000, and with an overall increase of activity in May, the most current data we have from June for the Bend real estate market shows the median home price adjusting slightly downward to $445,050 and sales maintaining their brisk pace, with 236 Bend homes selling in June, up slightly from 232 in May.
The abundant supply of properties that were listed in May has now translated into a 23% increase in the number of active listings (up from 391 in May to 491 in June). After the flurry of new (and re-introduced) listings in May, there was a 26% decrease in the number of new listings in June, down to 303 from 408. The time it would take to sell the current inventory of available homes for sale in Bend is up 72% from May to June (2.5 months to 4.3).
Because of the robust inventory of homes for sale in Bend, more sellers are reducing their asking prices in an effort to lure buyers.
Because of the robust inventory, more sellers are reducing their asking prices in an effort to lure buyers, which is an annual trend from May to June based on the data from recent years. Reductions were up 41% from May to June, with the prices of 175 homes reduced last month. These price adjustments have helped reduce the average number of days houses are on the market from 121 to 84. For buyers who want to fulfill their dream of building a newly constructed home, there are opportunities to take advantage of price reductions on bare lots as well.
There are a number of factors that go into determining the right price for a listing, and we do our best to help sellers avoid price reductions, however, they are sometimes necessary because of a dynamic market. Understandably, homeowners are proud of their investments and emotionally tied to their living spaces. Balancing those feelings and the financial goals of our sellers with the most current data for the Bend real estate market, as well as the knowledge of what current buyers are looking for, in order to arrive at an initial asking price is part science, part art.
We have deep experience advocating for both sellers and buyers as they determine asking prices and evaluate purchase prices of Bend homes, and we are available to answer your questions about pricing strategy as well as negotiate smooth transactions that are positive for everyone involved. Don’t hesitate to contact us for more detailed information about the current market trends for Bend real estate.
For detailed reports on the most current trends for the Bend real estate market, click here.