Some Bend Home Sellers Delay Listing Due to Snowmageddon
Bend, Oregon received just over two feet of snow in 48 hours on February 24th, not the most stellar news for the Bend Oregon Real Estate Market. Cold temps and more flurries kept Bend streets covered in snow through the first two weeks in March.
One would think this would have a negative impact on the housing market. To some degree it did, but not in the way that one might think. Common sense suggests if it is hard getting around town that Buyers would take a break and wait for the snow to melt before shopping. This is clearly the mindset sellers had in mind as many sellers put on the brakes and delayed listing their properties due to the snow.
Was this the right move?
If you’ve bought a home in the last 5 years, think back to your motivation at the time. The market is incredibly competitive. Houses often sell within a day o hitting the market. The pressure is on to view homes at the first moment of availability. Is a little snow going to slow you down? I think not.
Even with the lackluster Bend housing numbers reported for February, we saw strong buyer action during Snowmageddon, especially this past week. So far this month 83 homes have gone into contract in Bend compared to the mere 57 homes that hit the market during this same period.
Normally we see close to a 1 to 1 ratio between new listings and homes pending. In this case, those sellers that chose to list clearly benefited from a lack of competition and a hungry buyer pool eager to get in.
Don’t get me wrong, we should expect to see some loss in action due to the storm when we look at the March numbers. Some demand lost by mother nature, and some lost by sellers holding back while eager buyers put on their boots and went shopping.
Bend Housing Recap for February
Our expectations heading into late spring:
We are shaping up to have another lively spring in Central Oregon. Buyers that get out there before April will reap the benefits of low rates that may not be there in the future. As always, sellers that traditionally list early spring produce the strongest results. At this point the second half of the year is anyone’s guess.