Median sales price in Bend inches up to another record

The residential real estate market in Bend, Oregon, continued in September to reach new heights for sales prices, but the increases remained modest.

In September, for the fourth month in a row, the median sales price of a home in Bend reached a record high. Although the market still appears to be strongly fueled by committed buyers and to be tilted toward sellers, some data points indicate the market might be leveling off.

September’s median sales price of $416,500 was up $2,500 from August’s median price. That’s a 0.60 percent month-to-month increase.

The first month of this record-setting run came in June, when we saw a 7.9 percent increase from the month prior. The increase in median price since then has been by less than 1 percent each month.

Each of the three months before September, the year-over-year increase in the monthly median sales price was at least 10.5 percent. Comparing September 2017 to the same month the year before, however, the median price was 8.0 percent greater.

Inventory of homes in Bend rises

Turning from sales price to the supply of homes, we see more evidence that the Bend real estate market might be nearing a peak. The inventory of homes for sale in September was 5.7 months – the highest since September 2014.

In previous blog posts, we’ve noted that the overall inventory of homes in Bend is skewed by the supply of homes at the high end of the price spectrum. That remained true in September, but even at more modest price ranges, inventory increased in September.

Homes in the $425,100 to $525,000 range had an inventory of 3. 4 months in September. That is the highest inventory in that price range of Bend real estate since we saw a 4.8-month stock of homes in January 2016.

Only in price ranges more than $725,100 did September’s inventory exceed 3.4 months.

As a reminder, the inventory signifies the length of time it would take to sell all of the homes currently on the market given the current pace of sales. A common dividing line between a seller’s market and a buyer’s market is six months of inventory.

Prices generally high in September

It’s also worth noting that in three of the previous four years, the September median sales figure turned out to be the highest month in that calendar year.  And the average days on the market in September was 114 days – considerably lower than in July (141 days) and August (136) but higher than in September 2016 (104).

As we head deeper into fall and the winter, which is traditionally a slower season for real estate, having an experienced, ethical Realtor on your side can make all the difference in the satisfaction you take from a real estate transaction. My knowledge of the Bend real estate market can work to your benefit, whether you’re in the market for a home or considering selling. To learn more about how I can assist you in your transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Bend homes set third straight monthly record

The median sales price of Bend homes hit another record high in August — barely. It marked the third month in a row the median sales figure established a record.

At $414,000, the median sales price in August was $1,500 (0.4 percent) higher than July’s amount. That’s an even smaller increase than we saw from June to July, when the median sales price rose $3,500 (0.9 percent).

The last three months are the only time during 10-plus years for which the Skjersaa Group has data that the median price has reached $400,000.

Year-over-year prices rise for Bend homes

Year over year, August’s sales figure represents a 15.3 percent increase – the highest year-over-year increase this calendar year except for what occurred in January.

By the standards of Bend real estate, the inventory in August remained high, at 3.7 months (the second month in a row inventory was that high). Looking at the historical data for spring and summer months, August’s inventory was the highest since a 6.2-month figure in September 2014.

The inventory of homes in the price ranges of more than $625,000 again had an outsized influence on the inventory for the Bend market as a whole. Every price range above $625,000 was above the monthly average.

Inventory in price ranges of $625,000 and less, on the other hand, maxed out at 3.2 months. That shows that the competition for homes that aren’t in the boutique price range is keen, with the market favoring the sellers.

Some statistics indicate cooling period might come

But some of the data points indicate a possible slackening in the market. August had 638 Bend homes on the market, the most in a month since October 2014 (when there was also 638).

The average days on the market in August was 136 days. That’s five days less than in July. The last two months experienced the highest number of days on market in the spring and summer months since March and April 2014.

September began with 606 active listings for Bend homes, easily on pace for the most since fall 2014.

Looking at the slower pace of the increase in the median sales price, the relatively high inventory and the number of houses on the market, it wouldn’t be unreasonable to expect the Bend real estate market to cool. The last year there was a decline in the median sales price from August to September was in 2014.

With the median sales price of a Bend home at an all-time high, the need for a dependable, ethical Realtor can’t be overstated. Wherever you are in the real estate cycle — buying a home or thinking of selling — I can help you. My integrity and experience will ensure you of an optimal outcome. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Bend Oregon Home Prices – Learn More about the Median Home Price, Days on Market and More

Bend Oregon Home Price information

Learn More about Bend Oregon Home Prices

By Jason Boone

Thanks to recent data from the Central Oregon Association of Realtor’s for Bend Oregon Home Prices, we know that the median home price for a home in Bend as of September 2014 was $282,000.

Home Values Decline

Home values have declined slightly in Bend between the month of August and September, compared to Redmond, where prices have actually increased in recent months, but that hasn’t stopped home buyers in Bend as there were 190 properties sold here last month.

Home Inventory

One thing that’s always on the mind of Realtor’s and economists across Bend is home inventory and as of today there is a 3 month inventory of homes for sale in Bend as a median property is taking about 88 days to sell.

Price per Square Foot

As of today the median price per square foot for a Bend Oregon home for sale is $153.

Contractors Getting Ready

In September 2014 63 contractors pulled permits and that number is likely to increase for October as more contractors are likely eager to get their earth work done, lay their foundations, and start building Bend Oregon Homes before snow starts falling in Bend since it’s already falling on Mt. Bachelor.

Learn More About Bend Oregon Home Prices

If you’ve been thinking about Bend Oregon Home Prices and are wondering if now is a great time to sell, or you have been thinking about moving here, contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me through my website.

The Skjersaa Group pledges at least 1% of revenue to the preservation and restoration of the natural environment