January’s numbers showcase a significant bump in market activity, with pending sales up 56% month-over-month and new listings up 79% month-over-month. Bend’s median sale price also went up 3% month-over-month after a particularly desolate December. Inventory dropped from 1.9 to 1.6 months, and we expect that pattern to continue until temperatures start to warm up.
Homes are still spending a lot longer on the market than at just about any point since the pandemic started. With homes lingering on the market, price reductions have become normalized, with homes going for a median of 92.9% of their original list price.
We’ve said it before, but it bears repeating: it’s important to price your home correctly. Sellers are getting the message, with January’s median list price down 7% month-over-month to $725k. That helped drive more buyer activity in January.
