Market off highs, but demand still running strong

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After reaching a record high the month before, the median sales price of a home in Bend, Oregon, took a step back in July.

July’s median price was $437,000, 2.8 percent less than the figure recorded the month prior – yet 5.9 percent higher than the same month in 2017.

Even with the decline from June, July’s median sales price is the second-highest in the period for which the Skjersaa Group has data.

Historical trends indicate that a moderation in the median sales price could have been expected. In six of the previous eight years, the median sales price in July either declined or rose no more than 1 percent from the month prior.

Other data points from July show that the Bend, Oregon, real estate market backed off from some of its high-water marks but still remains a vibrant, active environment.

July had 547 active listings. Although that is a calendar-year high, it is fewer than in July in three of the four previous years.

And despite the relatively low number of listings, 230 homes had their prices reduced. That is the most for a July since the housing market began to rebound.

The average days on the market was 101 days. That is lower than all but one previous July for the previous 11 years. Combined with the number of reduced listings, that would seem to indicate that competitively priced homes are being snapped up, whereas unrealistic owners are having to moderate their asking prices.

Inventory in July was 3.8 months. That’s one of the higher marks this calendar year, but by industry standards – which hold that six months is the balance point between a buyer’s and a seller’s market – the inventory is firmly on the side of a seller’s market. In every price tier at and below $725,000, the inventory was 2.5 months or less.

Whatever price range of home you’re looking at, I am confident I can find a property that meets your needs and desires. Or, if you’re considering putting your home on the market, my knowledge of the Bend, Oregon, real estate market will help me produce a successful outcome for you. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website.

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