Bend Oregon Real Estate Market Trends
Home Buying Haley Overton December 19, 2018
Home Buying Haley Overton December 19, 2018
The real estate market in Bend Oregon has been slowly shifting over the past several months. While larger markets like Portland and California have seen dramatic slow downs in property sales, Bend continues to see stability and slight growth regarding median price. However, the number of homes listed for sale and sold in November were down significantly from the same time last year.
If you’re a buyer in today’s market, you’re likely experiencing a bit of a breath of fresh air compared to buyers in 2017 or even early 2018. For the first time in several years, home buyers don’t have to make decisions on the spot, they have a stronger ability to negotiate on price and seller concessions, and they can be and are being pickier about the home they purchase. It’s not quite a buyer’s market, but it appears to be slowly trending that way. With that said, home buyers are still competing with each other when it comes to homes in lower price ranges where first time buyers and investors are all looking for that perfect property.
If you’re a home seller you’re likely wondering what exactly happened to multiple offers and buyers offering significantly over list price. Right now, sellers are getting fairly close to their asking price, but are likely making more concessions and repairs in order to appease buyers. They’re noticing their home sitting on the market a little longer. Sellers are still getting top dollar for their home when the home is priced correctly and marketed appropriately. It’s a changing market for sellers and one that might take a bit of time to digest.
Homes for Sale November 2018 | 488 Units
Down 7% compared to last year
Homes Sold November 2018 | 181 Units
Down 15% compared to last year
Median Sold Price November 2018| $444,000
Up 10% compared to last year
Months of Inventory November 2018 | 3.2 months
Up 8% compared to last year
Days on Market November 2018 | 116
Up 8% compared to last year
Sales Price as % of List Price | 95%
Down 1%
**all numbers based on single family residential properties under 1 acre in Bend.
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