In July, inventory rose significantly in Bend while overall activity dropped significantly both for buyers and sellers. But after a surge of new listings in May and June, we’re seeing indications of a reversal.
New listings were down 21% month-over-month, so Bend’s inventory is likely to increase at a slower pace through the rest of the summer. However, buyer activity is down 35% year-over-year for closed sales and 33% year-over-year for pending sales.
Higher interest rates have made Bend’s market basically unaffordable for many buyers. Prices have barely budged, down just 0.4% month-over-month. That’s about 6% lower than the record highs we saw in February, but it’s still 9% higher than what we saw last summer.
As a result, Bend’s inventory has reached a point where homes are spending longer and longer on the market. A median of 11 days is still plenty fast, but that’s up from 6 days just a month ago. Sellers will need to adjust their expectations accordingly, and it’s more important than ever before to price your home appropriately.
