Facebook
X
Pinterest
Copy Link
Say what you will about the holiday season, THIS is the most wonderful time of the year. Springtime in Central Oregon gives me, literally, great warmth. The flowers are coming up and the air in Bend begins to smell like lilacs. It’s a busy season for sure. Tons of activities happening and preparations for summer abound. It’s time to put the skis away and get the water crafts out. Let’s go play in a lake!
The busy season doesn’t just affect recreation, it’s a busy real estate season as well. Our inventory starts to rise with new properties popping on the market everyday. If you’re a real estate junky (and I know you are) it can be a feast for the eyes. This season of real estate is especially meaty. With interest rates staying stubbornly high we’re seeing houses on the higher end of the price range stay on the market with a whopping 10+ months inventory on homes that are priced at $1.4mil+. Meanwhile, homes priced under $1.4 have well under 2 months of inventory. In some ways, it’s a tale of two housing markets. As of today, there are 50 single family homes on less than an acre for sale in the city of Bend that are priced at $1.8mil+. That’s a far cry from the handful that we would see only 5 years ago. Bend has been discovered and it’s not slowing down.
Speaking of growth, you’ve probably seen the cranes hovering about the city, the major construction work on Highway 97 and the land being cleared just north of commercial properties on Highway 20. The cranes represent the amount of multi-family apartments being built in the Old Mill area, one among many multi-family buildings coming to Bend in the next few years. The Highway 97 work will allow a better flow of traffic going north and the new Costco is being built off of Highway 20. There are literally millions of dollars of funding flowing in representing road and infrastructure work. Bend’s evolution continues.
Enough of my blathering on. Here are the numbers for April:
Median Home Price: $707,000, dropping from $760,000 in March and oddly lower than where we were in the fall. We are higher than April of 2023 which was $669,000.
Home Sales: 162 homes sold in April, a big jump from the 114 in March.
Median Days on Market: 10 days on market, dropping from 43 days in January.
Cash vs. Conventional Loans: 147 of the homes sold in April closed with either cash or a conventional loan. 27% were purchased with cash which is more in-line with percentages pre-covid.
Inventory: Just under two months as an average
162 Homes Sold in April (47% under asking – relatively flat to March):
10% sold under $550k
33% from $550k-$699,999
36% from $700k-$999,999
14% from $1mil-$1,399,999
7% from $1.4mil+
Of the 162 Homes Sold in March:
54 sold over asking (33% vs. 33% of 114 homes in March)
33 sold at ask (20% vs. 24% in March)
75 sold under ask (40% vs. 43% in March)
129 Homes Sold Under a Million:
38% sold over ask (same percentage as March)
20% sold at ask (vs. 24% in March)
42% sold under ask (vs. 38% in March)
33 Homes Sold Over a Million:
15% sold over ask (vs. 19% in March)
21% sold at ask (vs. 22% in March)
64% sold under ask (vs. 59% in March)
As always, thanks for sticking with me while I nerd out on the numbers. If I can help you in any way or you just want to talk shop, give me a call.
Cheers and here’s to Spring,
