More Inventory Means More Choices for Bend Home Buyers
There are more homes on the market for potential Bend home buyers to choose from than there were at the same time last year. With more inventory, there has been more motivation for sellers to negotiate price and terms with buyers. This in turn has resulted in homes selling for less than asking price, often after price reductions in order to generate offers. While the overall sales price is up slightly over the same time last year, the months of supply is up over 11%.
When the data from November 2024 for Bend single family home sales on less than an acre is compared with those from November 2023, the following changes can be seen:
- Average sales price up 4.1% to $888,821
- Median sales price up 2.6% to $711,875
- New listings up 29.5% to 11%
- Homes for sale up 17.3% to 414
- Pending sales up 17.9% to 99
- Sold homes up 15.1% to 122
- Average days on market up 46.9% to 72
- Median days on market up 64.5% to 51
- Months of supply up 11.1% to 3
- Average price per square foot down 3.5% to $411
- % of original price received up .2% to 94.7%
- Dollar volume of sold homes up 19.8% to $108,436,216
Sellers Need to be Patient and Listen to Their Broker
With days on market up significantly to sell a home year over year, sellers need to learn patient and understand that home pricing which made sense during Covid when there was low mortgage interest rates and very little inventory no longer works. For sellers who need to sell their Bend homes quickly, pricing to today's market and listening to their Bend Premier Real Estate broker's advice can make a meaningful difference on how quickly and for what price their home sells.
Original blog can be read at Bend Premier Real Estate's website.
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