While home sales in Bend have increased from year earlier levels every month since February, breaking down the numbers to see what is selling reveals two vastly different markets.
Of the 176 closed sales last month, 35 sold from between $150k and $200k. Another 41 sold between $100k and $150k. And 7 sold for less than $100k. There are currently 213 houses listed for $200k or less. (I remember in the not too distant past when it was nearly impossible to find a house in Bend for less than $300k. But that's a story for another time!) At November's sales rate, there is just a little more than 2.5 months of inventory in this price range. To put it another way, it would only take until about the end of February to sell all the houses currently listed for $200k or less.
On the other end of the spectrum, there are currently 121 houses listed from between $500k and $1 million. There were 11 closed sales in this price range in November. This equates to 11 months of inventory. And as you might guess, the higher the price range, the greater the number of months of available inventory.
Over the past 12 months, there have been 20 sales from $750k to $1 million in Bend. 40 houses are currently listed for sale in this price range. That's 2 years of available inventory using the sales rate over the last year! But things may be getting a bit better in the higher end of the market; last month, 3 houses closed escrow with sale prices from $860k to $975k.
To find out how much your house is worth and how long it should take to sell, call or email me. As always, there's no cost or obligation.
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