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.