Summer is finally here. Meaning warmer days, sunshine and the real estate season being in full swing. If you have been considering selling your home in 2016, now may be the best time to take the plunge into the real estate market. Here are a few reasons why:
1. Low Inventory – Summer time usually boasts of high inventory, meaning lots of options for buyers. However, this years inventory has lagged behind the past few years. According to the recent market trends report provided by the multiple listing system (MLS) only 583 homes were listed onto the market in Bend (residential only) in comparison to April 2015 when 690 homes were on the market and 785 homes for sale in April of 2014. With a decrease in supply and increase in demand it may be the perfect time to list your home.
2. Increased Price Per Square Foot – The average price per square foot for a residential home in Bend is $212 for April of 2016. This is a $14 increase since January of this year when the average price per square foot was $198. A jump of $19 per square foot since April of 2015 when the average price per square foot was $193. In addition, a whooping increase of $44 a square foot when compared to sales in April of 2014 where the average price per square foot was $168.
3. Pending Contracts Are On The Rise – Despite lower inventory and an increase in the price per square foot, pending contracts are at a 2 year high. This April there were 359 pending contracts in Bend. In comparison to 311 pending sales in April 2015 and 264 pending sales in April 2014.
4. Real Estate Season – Summer is typically known as the real estate season. The weather is perfect for showing homes. Yards look beautiful with flowers in full bloom. With kids being out of school, it also makes the moving process easier on potential home buyers.
If you are thinking about jumping into the real estate market, feel free to contact us!