April saw the median price of a Bend, Oregon home rise slightly to $699,000, moving upwards slightly. Since November the median has been firmly rooted in the upper $600,000 range with the exception of February when it sat at $725,000. Look for the median price to rise as we move towards the summer months, expectations are that we will reach back into the lower to mid $700,000 range. This past month was a strong one for the $700,000 and under market while the homes above this languished a tad.
The median price per square foot of a Bend home fell back to $342 near February’s number but it is fairly consistent with previous years at this time. The fall back could be attributed to strong sales in the lower price points.
We had 149 residential sales which is a stable amount for the last two months, it is slightly higher than this time last year and miles ahead of the winter months.
There were 49/92 cash versus financed purchases. This was a strong month for cash purchases!! As one might expect with the current mortgage markets rising, financed sales were down.
Dropping from last month at 13 days on the market as an average before a home is moved to a pending sale status. While this dropped further this month it this does not seem to reflect what is happening
for many properties that are for one reason or another not finding a buyer.
The market is holding steady at 3 months of inventory. I expect the next month or two we will remain stable with our inventory.
