February 2023 Bend Real Estate Market Report

Last Updated March 7, 2023

Going by the official numbers, Bend’s residential inventory remained flat in February, but by the end of the month, active listings had dropped month-over-month while buyer activity was higher. Year-over-year, new listings were down 40%, while pending sales were down only 26%. That means Bend’s market is now a bit more competitive for buyers than it was earlier in the winter.

You wouldn’t know it, though, from the amount of time properties are sitting on the market. February saw a huge leap from 38 days up to a median of 56 days. That was reflected February’s sale prices, which dropped 3% month-over-month to a median of $659,000.

In general, Bend sellers need to be patient right now. Still, the strategy you need to take is completely dependent upon your individual property and what your goals are. In February, 40 homes went pending in less than a week, and this group includes properties all the way from the starter to $1.5 million-plus luxury ranges. Meanwhile, 46 homes lingered on the market for longer than 4 months, again at various price points. Location, level of finishes, and overall uniqueness definitely make a difference. But the most important thing is to price your home correctly from the get-go.

Even homes that are going off the market fast aren’t selling for much more (if any) than list price. In fact, the numbers show that some sellers are willing to accept low offers even in the first week of being on the market. That may actually be the wrong approach – it can be good to test the market, but if you start out too aggressive, it will almost certainly harm your bottom line.