Bend Housing Recap: April 2019
If you follow my blog, you’ll recall that during the February/March snowstorm I mentioned that inventories were incredibly light due to fewer listings, and buyer demand was strong. Now we are seeing the results of this scenario. Due to fewer listings qualified buyers were left to compete for fewer homes which led to higher offers and as these homes closed 30 to 45 days later, they’ve pushed the median sales price for a home in Bend to around $460K. Bend has an incredibly seasonal housing market, and now that this trend is set for Spring, we should expect it to continue through the summer barring some sort of major global or national economic shift. Buyers, be prepared to come in strong on your offers!
Yes, that is correct, the median sales price eclipsed $460K in April. Overall Bend saw strong sales prices across all price-points including the 1 million + range.
This last month we finally saw listings pick up close to last year’s levels. However we are still well below 3 months of inventory for Bend’s market. This is representative of a strong seller’s market.
The units of homes pending surged in April even though there was less inventory available on the market. Months of inventory based off of units pending is currently under 2 months of supply!
For the first time in months you can see the number of new listings is above last year! Finally some fresh inventory for buyers!
Our expectations heading into late spring:
We are shaping up to have another lively spring in Central Oregon. Buyers that get out there soon 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.