“What’s going on with the market?”. Hands down, this is the number one question I’m being asked lately. Like most others, I was greatly impacted by the last recession and learned some painful lessons during those tough times. I want to help our clients avoid that same pain. There’s been talk of a slowing market or the market softening. Are we headed for another crash? That’s a tough question to answer but I think the best thing to do is not fear what is going to happen, and to move forward educated so you can make a decision that is informed and wise. We are always watching the local and national market trends and talking within our local community of brokers and lenders.
I can’t predict the future, if I could I’d probably be surfing warm waters around the globe, but what I can do is pay close attention to what is currently happening in our Bend market. Single family home sales have increased in October, up from September. The median home price increased in October, back up to $433k. The price per square foot remained the same at $223 per sq. ft. The average days on market has continued to rise over the last few months and the latest average is 89 days on market.
What does this mean? Inventory has decreased along with asking prices, which are not as high as they were during the early summer months. In my opinion this is a good thing, home prices were increasing too quickly. There was a slow down in August and September, but sale prices have recently gone up again and historically we will continue to see an increase in prices after the new year.
If you ever have any questions, please do feel free to call, text or email me. I’m always glad to discuss what your home may be worth, if you want to sell, or which homes are available in your price range, if looking to buy.