Spring is here in all it’s glory and Summer is not too far away…. this is the time of year where Bend-ites focus on dusting off their trail running shoes, getting their bikes tuned up and squeezing back into their kayaks. Meanwhile, the Bend housing market is easing out of winter hibernation and is starting to show some progress!
Before we start talking about April, let’s quickly cover what happened in the first few months of 2019 (Jan-Mar):
- Median Home Price in Bend – $441,000
- Amount of Homes Sold – Down 26% year over year
- Median Home Price – Up 4% year over year
Historically, the market typically slows at the beginning of the year but this year we saw a bigger downshift than in the past. While the amount of homes sold was down 26% to last year, the home price increased, which is a sign of a stable market. The decrease in sales is mostly due to the lack of inventory in Bend… new home construction is down, February and March saw huge snow storms and we are simply running out of room to expand in Bend!
Moving on to April, home sales are looking up! The sunny temperatures have coaxed both Buyers & Sellers out of the woodwork and we’re seeing many new homes hit the market every day and weekends are FULL of Open Houses.
- Number of Home for Sale in April – Down 12% to April last year
- Homes Sold in April – Down 7% to April last year
- Home Price in April – Up 4% to April last year
So while the amount of homes sold in April was down 7%, that’s clearly an improvement over the entire First Quarter where we saw the amount of homes sold down 26% over 2018. Once we continue seeing more homes hitting the market as we near Summer, the Bend Housing Market is most likely going to keep picking up and we’ll start seeing a more positive shift in home sales!
If you have any questions about the Bend (and surrounding area) Housing Market, please feel free to reach out! And if you have any questions about Buying and Selling in general, we are here to be your resource.
That Furrow Crew