In this Bend Real Estate Market update for March 2024, We delve into the current trends showing a tight 1.5-month supply of homes, maintaining a Seller's market atmosphere. For March of 2024, prices have slightly dipped with the average home price at $682,000, yet there's an anticipated rebound as we approach Spring. The market dynamics reveal homes selling close to their asking price, with variances based on price brackets and a noteworthy quickening in the days on market compared to last year. Watch this video to get the full scoop on the current market trends in Bend Oregon.
Current Bend Oregon market trends:
Hey there! If you call Bend home, or you're dreaming of doing so, I've got some fresh insights on our real estate market that you won't want to miss. Stick around till the end of this video because I'll be uncovering some opportunities you might not be aware of, whether you're thinking about buying or selling.
Taking a look back at last month's trends, we noticed that Bend had a 1.5-month supply of homes. This figure hasn't changed much from the previous month, but it's definitely tighter compared to the last seven months. A 'months of supply' figure tells us how long it would take for all current listings to sell, based on recent sales pace. With just a 1.5 month supply, sellers are enjoying the spotlight due to the limited choices for buyers. A market is considered balanced with about a 4-month supply, while anything above 6 months swings in favor of buyers, offering them a wider selection and potentially better deals.
The average price tag on a Bend home was $682,000 recently. Remember, that's an average across different neighborhoods. This price is slightly down from last month, yet it's still up X% from this time last year. Why the dip? It often happens around February, followed by a price bounce as we head into the warmer months. It'll be interesting to see how this trend plays out this spring.
Moving on, homes in Bend were selling at 99% of their list price on average in February. That's right at the asking price. But, it's important to highlight that homes saw an average price cut of -5.65% before they sold. These stats consider the final listing price, not the initial one.
It's also important to highlight how these statistics vary based on a home's original listing price. For instance, in February, homes priced between $1.225 million and $1.325 million saw their prices cut by an average of 11.5% before selling. After this adjustment, they typically sold for 95% of their newly listed price. On the other hand, homes listed in the more accessible $725,000 to $825,000 bracket experienced smaller price cuts, averaging just 3%. Interestingly, these homes often sold for 101% of their adjusted list price, indicating a stronger demand in this price range
You're probably curious about how quickly homes are moving? Well, in February, homes were taking about 40 days to switch to pending status, improving from 51 days the year before. As we step into spring, I expect these numbers to shrink as more buyers and sellers jump into the market."
For those of you eyeing a home purchase soon, here's some good news: mortgage rates have dipped a bit as of March 14, 2024. The average rate for a 30-year mortgage is now at 6.84%, down from 6.95% on Monday. It's a bit of a crystal ball scenario, but experts think rates might drop further by the end of summer. That said, timing the market is tricky. A slight decrease now could signal a good buying opportunity, especially if rates fall further, offering a chance to refinance later."
To wrap up our market rundow: February's stats didn't bring any surprises. They reflect the typical ebb and flow as we transition from winter. With the weather warming up, and slight ease in interest rates, expect to see an uptick in activity from both buyers and sellers ready to make their move.
Curious about what your home might be worth in today's market, or maybe you're scouting for your dream home in Bend? I'm here to help with a no-strings-attached market analysis or a friendly chat about your options. No pressure, just straight talk to help you make the best decision for you and your family. Reach out to schedule a conversation!