Waking from the winter slumber, April saw a huge increase in the median price of a home sold in Bend, moving upward to $832,000. This was driven by 34 percent of the homes sold being over $1,000,000.
Further reflecting the awaking of the market is the increase in sales to 146 up from 122 sales in March but down from last year’s extremely active 162 sales.
Conventionally financed sales made up the bulk of the activity with 60 percent of transactions. Cash sales came in at 34 percent. The financed percentage has remained consistent for the last two years, cash sales have hovered around 30 percent of the sales during this time.
The average number of days a Bend home is on the market dropped down to 23 for April. I believe this number provided by the Beacon report to be inaccurate. Researching our local MLS statistics and reviewing the Duke Warner Monthly Market Trends Report for Bend shows the days on the market to be 68 days. This is more in line with the current inventory being between a 3.5 to 4 month supply of homes.
Looking ahead, interest rates seem to be holding fairly steady in the mid-6% range, which at least gives buyers and sellers a little consistency to work with. But even with that bit of stability, there’s still a general sense of unease, like people are holding their breath. The economy feels a bit unpredictable right now, and that’s causing a lot of folks to be extra cautious.
One of the big question marks is how the ongoing tariff issues and global trade tensions will affect the cost of living and consumer confidence. It’s still too early to tell how much this will hit the housing market but it’s definitely adding to the overall feeling of uncertainty. As a result, many people are staying on the sidelines, unsure whether now’s the right time to buy or sell.
For buyers, if you find a home that fits your needs and budget, this could actually be a good window to make a move. Rates are still relatively reasonable compared to recent highs and inventory is up, which means more choices and potentially a bit more negotiating power. Just make sure to get pre-approved and have a solid financial game plan, especially with the economy being a little shaky.
For sellers, this spring market could still work in your favor, especially if your home is well-prepared and priced right. There’s still strong interest in the Bend market, especially in the upper price ranges but buyers are being a bit more selective. Staging your home well and being flexible on things like closing timelines can help your listing stand out.
Bottom line: whether you're buying or selling, staying informed and working with a good local expert like myself can make all the difference in navigating these uncertain waters.
