Two trends have defined Bend’s market in the past couple of months: prices dropping and homes spending significantly longer on the market. But March’s numbers indicate that the tide is shifting heading in the spring.
In March, Bend homes spent a median of just 14 days on the market, down from 56 days just a month earlier. In other words, buyers are beginning to bite even before the weather in Bend really starts to turn. That corresponded with a 60% month-over-month jump in new listings. Bend’s market isn’t exactly flush with homes, with inventory levels remaining relatively flat in spite of that. But this could be a preview of a busy spring buying season, at least relative to the action we saw over the winter.
Like we mentioned, prices are up again, with homes selling for a median of $690k in March. That’s still 10% lower than what we saw a year ago, but we expect sale prices to climb further in the months ahead perhaps before leveling off in the summer.
