A slowdown in the usual springtime increase in homes for sale led to a tighter inventory in the Bend, Oregon, real estate market in April.
There were 222 active homes on the market in April, the same number as in March. There were 167 homes new to market in April – a decline from March. In our data set, which reaches to the start of 2007, it’s unusual for those two data points to not show an increase from March to April.
Some of April’s statistics reflect a tighter market. The average sales price to list price, for example, was 100 percent, a threshold not reached since it was 100 percent in June 2022. Average days on market declined slightly (47 days to 45 days), as did inventory (1.8 months to 1.7 months – the lowest since May 2022). The data also shows a lower aggregate reduction in the price of homes that were sold – the lowest since March 2022.
All of which makes a decline in the median sales price in the Bend, Oregon, real estate market somewhat curious. The median price dipped 1.7 percent from March to April, from $680,000 to $669,100. Year over year, the median price decreased 13.1 percent. Compared with April 2021, the median price in April 2023 was 2.6 percent higher.
There are many possible explanations for why relatively few homes came on the market in April. Potential sellers might be reluctant to offer their homes for sale with mortgage rates higher than in the recent past. Overall angst about inflation and the strength of the economy might make people hesitant. Even the weather – colder and wetter than in recent early springs – might be in play. Or it could be completely different factors.
But the health of the real estate market remains clear. Even as active listings have remained practically constant month to month, sales have increased each month of this calendar year. April ended with 181 sales pending – the most since August. The 1.7-month inventory demonstrates that people continue to want to buy homes and live in Bend.
As a Realtor, I can’t control interest rates or the weather or the state of the economy. But I can control my actions on your behalf. My experience in all kinds of markets, my knowledge of the Bend area and my ethical approach to the business can come to bear for your benefit. If you’re considering selling your home or are in the market to buy, I invite you to contact me at (541) 362-1031 or by visiting Bend Property Search to connect with me through my website. I am confident I can work with you to create a successful and rewarding real estate experience.