Bend’s market saw a significant slowdown in November, but sale prices stayed relatively flat, dropping 1% month-over-month to a median of $729,000. Only 118 properties went pending, down 15% year-over-year and a remarkable 54% compared to November 2021.
However, listing activity is down a similar amount. Inventory accumulated in Bend through the summer and now sits at 2.9 months. That may seem high compared to Bend’s post-pandemic boom, but it’s still lower than the pre-pandemic average.
Nonetheless, sellers will have some tough choices to make in terms of whether to wait out the winter or go off the market and get a fresh start next spring. In November, homes spent a median of 35 days on the market, and that number will likely climb further from here.
As I emphasized last month, patience is key, but it’s also important to make a great first impression (or second, or third impression as it may be). Bend sellers are making more and more concessions, with homes selling for a median of 93.4% of their original list price is November, down from 95.6% a month ago. But it’s important to be realistic about your own timeframe for making a sale and the best approach for balancing your desire for a quicker sale and a higher price point.
