The real estate season is in full swing and the market is starting to level off and match similar seasonal trends overall. Listed homes are beginning to approach similar seasonal trends as seen below:
Listed Homes in May 2016 – 696
Listed Homes in June 2016 – 750
Listed Homes in July 2016 – 828
Listing homes increased by 75 homes in Bend between June and July. In July 2015, 898 homes were listed in Bend. The market is still lagging in overall homes for sale in comparison to past years.
Pending home sales continue to slowly creep upwards as seen below:
Pending Homes in May 2016 – 286
Pending Homes in June 2016 – 305
Pending Homes in July 2016 – 315
Pending sales are outpacing lasts years trends as seen below:
Pending Homes in May 2015 – 314
Pending Homes in June 2015 – 269
Pending Homes in July 2015 – 287
Home sales are holding steady over the past few months as seen below:
Sold Homes in May 2016 -214
Sold Homes in June 2016 – 221
Sold Homes in July 2016 – 218
Most interestingly, the average price per square foot took its first dip since the beginning of the year as seen below:
Average price per square foot in May 2016 – $214
Average price per square foot in June 2016 – $221
Average price per square foot in July 2016 – $218
The $3 a square foot dip may not seem like a big deal. However, this slight dip means could mean huge savings for buyers. For example, using the average price per sq ft in Bend a buyer purchasing a 1500 sq ft home in June would have paid $331,500. Using the average price per sq ft in July that same house would be purchased for $327,500 a $4000 savings in just a month.
Some may be asking why is this dip occurring and there may be numerous reasons for this dip occurring. It is possible that as more homes have come onto the market that the average price per sq ft is beginning to level out. As more homes enter the market it drives up competition, which in turn lowers prices.
However, the average price per sq ft in Bend is still $20 more than in January of this year when the average price per sq ft was $198. This summer may still be an excellent time to sell your home while the average price is still up, the inventory levels are still lower than seasonal trends and there is still some time before the summer selling season ends.