January Bend Real Estate Market Update – Inventories Drop Below 2 Months of Supply
Happy New Year! 2020 is here and for those who have a new years resolution that involves selling your home, you may be in luck.
The Bend area wrapped up 2019 by posting the lowest months of inventory (1.9 month based off of Central Oregon MLS closed sales) that we’ve seen for any month for as long back as I can track. (See red line in above image).
There is no doubt about it winter sellers are presented with a HUGE opportunity. Interest rates remain low, and in the first week of the new year I’ve already encountered multiple offer scenarios.
The Bend area median sales price came in around $440K which is about 3% above last December.
Check out that red line! The Bend area is sitting on 1.9 months of inventory, the lowest monthly inventory level in the past 6 years.
177 homes went into contract in December, right at the typical average we’ve seen in the past 6 years.
On average we see about 160 new listings hit the market in December, this year was down significantly to 104 listings. This is part of the reason we saw our months of inventory drop by an entire month so quickly.
What is expected in 2020?
Low rates, low supply, and HUGE competition from buyers when shopping for homes. Unless something drastic changes, Sellers will be driving the market this Spring!