Sale prices in Bend are continuing to zigzag, with April’s sales hitting a median of $669,000, down 3% month-over-month. One thing to note is that we’re dealing with a pretty small sample size – only 173 sales, down 39% year-over-year. It’s hard to extrapolate a trend from these kinds of numbers, but if we zoom out a bit, sale prices have basically been flat over the past few months.
We had predicted a surge of activity in the spring months, and so far it hasn’t materialized in Bend. In particular, new listings were actually down 13% month-over-month. Homes are selling faster, however. We’re back down to a median of 11 days, and that’s a good sign for sellers.
However, we’re seeing buyers hesitate more at the upper end of Bend’s market. Now that the weather’s turning, more higher-end homes are hitting the market, but buyer activity is still concentrated at lower price points. Affordability is very much a concern, and that could keep prices down even as competition ramps up for less expensive properties.
