The first quarter of 2016 has been strong in Bend Oregon. Sales and pending sales are reflecting strong seasonal trends as we enter into the summer months.
Pending sales as seen below have increased as we get closer to the summer months. Warmer weather, tax refunds and more inventories may be drawing buyers into the real estate market.
- January 2016 pending sales: 184
- February 2016 pending sales: 260
- March 2016 pending sales: 288
Sales have also been increasing over the past few months as seen below which also reflects similar trends to last year.
- January 2016 sales: 177
- February 2016 sales: 145
- March 2016 sales: 214
Interestingly, listings in Bend took a slight dip in February and are slowly climbing as we enter into warmer weather as seen below:
- January 2016 listing: 522
- February 2016 listing: 490
- March 2016 listings: 507
In comparison to last year, there are quite a bit less homes on the market than in 2014. In March of 2014 there were 570 homes for sale and now only 507.
The lack of inventory may account for the large increase that we have seen in the price per square foot over the past few months. In January price were at $199 per sq ft which seemed to be the median home price when looking from January 2015 through March 2016. However, the price per square foot for a home jumped up $6 a square foot in the matter of a month as seen below:
- January 2016 price per sq ft: $199
- February 2016 price per sq ft: $205
- March 2016 price per sq ft: $205
This huge jump may be for a myriad of reasons. Potentially more buyers are entering the market as the economy grows. In addition, the low supply puts additional pressure onto the market and prices.
Right now, is a great time to jump into the real estate market for sellers. With inventory being lower than normal and home prices increasing, sellers may find the summer of 2016 to be a perfect time to list their home.