In this month's newsletter, we're peeling back the layers of Bend's real estate scene as of January 2024, focusing on what's new and how it affects you, whether you're eyeing to buy or sell. Here's the lowdown: Bend's real estate has taken a slight turn, especially with inventory levels shrinking for the first time since last June, making it a stronger seller's market. With just 1.5 months' supply in January, it's a tight scene, potentially nudging prices upwards.
Why care about 'months of supply'? It's a good gauge of market temperature. Below 4 months usually means less choice and more competition, which can push prices up. But, with spring around the corner, we will most likely see more listings and more options for buyers.
Now, onto pricing - the middle ground for home prices in Bend hit $700,000 in January. But, it's a mixed bag depending on where you look. For example, the median sales price in Northeast Bend was $630,000, while Northwest Bend's median sales price was $1,026,000. Overall, this is a slight 2% bump from last year, though we did see a dip from December, which is standard for these chilly months.
Homes are actively on the market for an average of 43 days before going pending, a tad longer than last month, but nothing out of the ordinary for this time of year.
For those looking to buy, keep an eye on those mortgage rates - currently, we're looking at about 7.26% for a 30-year fixed and 6.45% for a 15-year fixed. These rates are key players in how much house you can afford and the overall cost.
All in all, while the market's cooling a bit with prices easing and homes taking a smidge longer to sell, it feels more like a seasonal chill than a big shift. The upcoming months, especially post-winter, will paint a clearer picture. Buyers, getting your ducks in a row with a lender is a good idea so you're ready to jump on the right opportunity. Sellers, preparing to sell sooner than later could give you a nice spotlight before the market fills up again.
Keep in mind that everyone's real estate path is one-of-a-kind. If you're looking for advice that fits just right with your Bend real estate goals or are pondering your next move, I'm here to listen and guide you through smoothly.