Bend Housing Recap for November 2019
Bend Oregon Housing is on a roll! After September’s gloomy results we now know that this appears to have been an anomaly and not the norm. Bend’s median sales rebounded to $475K and inventory is the lowest we’ve seen this year at 2.6 months of supply based off of closed sales and pending sales. This also happens to be the lowest months of supply for the month of October in the past 6 years!
How is this impacting our market?
Those listing their homes this fall are benefiting from a sheer lack of inventory and low interest rates, which continues to put upward pressure on price. Buyers that may have felt emboldened by the lackluster housing numbers in September will need to course correct as it will take strong offers to get into first position on popular listings.
Median sales rebounded from our September dip, settling in around $475K for October, up over 9% from last year.
Inventory is at an all time low for October. At just 2.6 months of inventory on the market, this is the lowest level we’ve seen in 2019, and the lowest months of supply for the month of October in the last 6 years.
The number of homes that went into contract during October was up about 10% to last year, and about average for what we’ve seen over the past 5 years.
The number of new homes to market in October was about on par with last year, but well below the 5 year average for this month, meaing we should expect tight inventories heading into December.
What does the New Year hold?
If the weather continues to hold, rates stay low, and our current demand stays on track you should expect to see a very strong start to the Bend Oregon housing market in 2020.