Donnie Montager, author of The Beacon Report, snapped me out of analysis paralysis with this refreshing quote: "Bend has a strong and growing market segment in the higher price ranges that has been consistently strong over the past several years." YES, thank you! In July 2019 only 5% of the sales were over $1M but this month 24% of sales are over $1M. In spite of some downward trends in number of sales since the peak of COVID, we're actually trending with last summer for sales with our sights upward. Median home prices for single-family homes have risen steadily over the past two years, now reaching $800,000, with the price per square foot climbing to $374. Despite varying sales volumes, the past 12 months recorded 1,534 transactions, supported by a current inventory of 454 listings, suggesting a balanced market with moderate demand.
Sellers might want to consider adjusting their pricing strategies to attract more offers, given the current gap between inventory and buyers. New construction activity, as reflected by the increases in building permits, indicates future increased supply, making strategic pricing even more critical.
