January Bend Market Trends: Past Performance & Future Outlook
January Bend Market Trends: Past Performance & Future Outlook
Hey everyone! Greetings from Baja, Mexico. I'm excited to bring you the January 2024 market stats for Bend, Oregon, but first, let me change out of my sporty pickleball attire – we're diving into real estate data today!
January saw some interesting trends in Bend's real estate landscape. As expected, the median home price experienced a seasonal dip, a common occurrence during this time of year. This is nothing out of the ordinary; it's a pattern we've observed year after year. With people engaged in various activities like vacations or skiing, the market tends to ease up a bit.
However, what's notable is the decrease in home sales, which is typical for the January cycle. Compared to the previous month, we witnessed fewer home sales, aligning closely with the figures from the same period last year.
Another significant shift was the increase in days on market, with homes sitting for an average of 43 days. This provided buyers with more time to deliberate, negotiate, and conduct thorough due diligence, potentially securing better deals on properties.
One striking trend is the rise in cash sales, constituting 36% of all transactions in January. This indicates a significant presence of buyers who aren't swayed by fluctuating interest rates and prefer the simplicity and speed of cash transactions.
The median price per square foot remained steady at $349, reflecting a 12.5% decrease from the peak in July, when it hit $800,000. It's a metric we're closely monitoring as we approach spring, anticipating potential shifts in the market dynamics.
Overall, January's statistics align with expectations: lower sales volumes, extended days on market, and a prevalence of cash transactions, as investors seize opportunities amidst distractions like pickleball in Baja.
Stay tuned for our February update as we delve deeper into the nuances of the Bend real estate market. If you have any questions or need assistance, don't hesitate to reach out. Remember to like and subscribe for more insightful updates. Until next time, thank you for joining us!
For more information contact:
SARAH LYNCH WILLIS
Licensed Oregon Realtor®
Realty One Group Discovery
📲 503-739-5006
📧 bestlifebend@gmail.com
👩💻 centraloregonlandsales.com
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SUZANNE MOORE
Licensed Oregon Realtor®
Realty One Group Discovery
📲 541-316-0396
📧 suzannerosemoore@gmail.com
👩💻 centraloregoninvestornetwork.com