The Central Oregon real estate spring selling season is off to a fast start this year.
Inventory has been lagging for most of the last twelve months creating a seller’s market where demand from buyers has given sellers the opportunity to ask higher and higher prices for their homes. Just last March, for example, the pace of sales and reluctance of would-be sellers to list their homes for sale left us with less than three months of inventory in Bend. That number is precariously low and considered unhealthy by economists.
Fast forward to today when the months of inventory in Bend has risen to 4.2 and things are looking bright for both sellers and buyers. Sellers can take advantage of the run that home prices have been on and be confident that if their home is priced correctly it should sell fairly fast. Currently, they also don’t have to worry about selling to day only to find out that if they had waited another month or two the price of their home would have been dramatically higher. Although prices are still inching higher, they aren’t rising in leaps and bounds.
The good news for buyers is that they are entering a real estate market that is providing more homes to choose from. A side benefit to this is buyers don’t have to feel so much pressure to see a home and make an offer the day it hits the market. They also won’t have to worry as much about getting into a multiple offer situation.
Although the market situation is definitely improving for home buyers they shouldn’t relax just yet. A quick glance at the chart above shows that during March the number of pending sales outpaced the net gain (new listings minus homes sold) by 119 homes. Such strong activity from buyers this early in the selling season could put us right back where we were a year ago if sellers don’t get off the fence and list their homes for sale.
*Sales data courtesy of Bend MLS