May sales prices 9 percent higher than in previous year

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The median sales price of a home in Bend, Oregon, remained virtually unchanged in May from the month prior even as other data indicates the market might be tightening.

May’s median price of $415,000 was less than one-tenth of 1 percent less than April’s figure of $415,250. Every month this calendar year has had a median sales price of more than $400,000, including March’s $421,950 – a record for the more than 11 years for which the Skjersaa Group has data.

On a year-to-year basis, the median price rose 9.5 percent in May. Compared to the median price for all of 2017 ($399,000), May’s sales figure is 4 percent higher.

Over the last five years, May’s median sales price has not represented a consistent signal as to the direction of the market for the remainder of the year. In three of those years, the year-end median sales price was greater than May’s, and in two years, it was less.

Still, there are data points that suggest demand for homes is ratcheting up.

Average days on market: May’s figure was 113 days, the fewest this calendar year and tied for the second-fewest of any May in any year in our data group.

Inventory: Inventory dropped from 5.5 months in April to 2.8 months in May. We’ve made this observation before, but it’s worth repeating that the overall inventory number is skewed by homes in the upper price tiers. Every tier at $725,000 or below has an inventory of less than three months. (An inventory of six months is generally regarded as the boundary between a buyer’s and a seller’s market.)

The end of May seems to point to a busy near-term future in the Bend, Oregon, real estate market.

May ended with 271 pending sales. That is among the top 10 figures for any month in our data set.

There were 522 actives listings at the end of May, 19 percent more than in any other month this year.

We’re heading into the summer months, which is traditionally a robust time for real estate. If you’re in the market for a new home, or if you’re considering selling your current home, I am confident my experience and ethics will produce an outcome that exceeds your expectations. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website.

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