The market data in Bend is finally reflecting the real onset of the spring and sumer buying season. Time on the market is down to a median of 8 days, while prices are up significantly month-over-month. April’s median sale price was only $669,000. In May, Bend’s median rose to $730,000, higher than any point since July last year.
While higher mortgage rates have undoubtably impacted real estate markets all over, it’s also worth recognizing the seasonal nature of Bend’s market. The winters of 2020/21 and 2021/22 were exceptions to the norm, in which activity and prices decline significantly over the colder months. That especially applies to Bend’s higher-end homes. Surging prices reflect higher activity at the upper end of Bend’s market more than they necessarily reflect appreciation.
Right now, mortgage rates are higher than 7% again after a bit of a reprieve in the earlier spring. That could stifle buyer activity and lead to higher inventory. June’s numbers will reveal a lot about the shape of Bend’s market, so stay tuned.
