Bend Real Estate Inventory is Way Up
The real estate trends for Bend single family homes are reflecting a changing market. Sales are dependent upon a mortgage interest rate that works for the majority of home buyers, but also upon available homes from which to choose. February 2025 saw a shift in both categories with a large increase in home inventory as well as a more moderate reduction in mortgage interest rates. Buyers are finding many more homes on the market that may meet their search criteria. Sellers are finding that in order to make their home stand out, pricing the home correctly right from the start can be the difference between selling quickly and sitting on the market.
When February of 2025 is compared with February 2024 for Bend single family homes on less than an acre, the following changes can be noted:
- Median sales price up 2.9% to $699,999
- Original list price up 12.2% to $841,250
- New Listings up 28.8% to 188
- Homes for sale up 58.3% to 437
- Pending sales up .7% to 136
- Sold homes down 11.2% to 103
- Median days on market up 42.6% to 39
- Months of supply up 78.3% to 4.2 (was 2.4 in February 2024)
- Average price per square foot up .3% to $367
- % of original price received down .2% to 96.3%
- Dollar volume of sold homes down 6.7% to $90,644,843
As the chart above notes, inventory for Bend homes is at a level that hasn't been seen since before Covid. At 4.2 months, this is a figure pushing a balanced market. Although new inventory coming on the market is priced up over 12% from the year before, the actual median sales price is up only 2.9%. Homes that close are selling at 96% of the original price, signifying that many sellers are willing to adjust their price to trigger a sale. In addition, days on market are up over 40%. This usually indicates that buyers are being more picky on finding a home that works for them - and with more inventory to choose from, sellers who really need to sell quickly should price their home to today's market rather than "testing" the market or listing at a figure that may have made sense during Covid rather than spring 2025.
What Will Spring 2025 Bring to Bend Home Sales?
If the current trends continue, it can be predicted that with more inventory home prices should stabilize and perhaps, even drop a little. Working with your Bend Premier Real Estate broker to establish a price that works for today right from the start can really help to make a Bend home seller's property sell promptly.
Check out Bend Premier Real Estate's website for more information.
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