The median home price in Bend was $737,000 last month, a 3.8% increase over November, and up 8% since January 2023.
Although most sales activity was slower in Bend between November and December, there was a 3% increase in pending sales, from 96 in November to 99 last month. Home sales were down 12% month-to-month, with 92 homes sold. There were 9% fewer new listings, from 85 in November to 77 in December, and active listings were down 12%. There were 273 active listings of homes in Bend last month.
Homes that sold last month did so at a quicker pace, with an average of 40 days on the market compared with 50 days in November. Price reductions have been less common over the last six weeks than they were in October and early November. On average, there were 15 price reductions weekly over the last six weeks. Over the six weeks prior to that period, there were an average of 37 price reductions each week.
The months of inventory, which has slowly increased over the last year and a half, was 3.0 months’ worth in December. For comparison, it was 0.8 months’ worth two years ago in December 2021.
If you’d like to better understand how real estate market trends work, we love educating our clients about the data we collect and analyze, and how we use that information to shape a real estate strategy that is right for you. We’d love to connect with you soon and help you set real estate goals for 2024. Click here to contact us.
In the meantime, we hope you’re enjoying winter as much as we are! Happy New Year!
—Jason
Median Sales Price
- The median home price in Bend rose 4% month-to-month, from $710,000 in November to $737,000 in December.
- The median sales price is up 8% since January 2023, and up 9% compared to December 2022.
New Listings
- There were 77 new listings of Bend homes in December, down 9% from 85 in November.
- New listings were up 64% last month compared with December 2022, when there were 47 Bend homes listed.
Home Sold and Pending Sales
- Home sales were down 12% in December, from 105 sales in November to 92 last month.
- Pending sales were up 3%, from 96 in November to 99 in December.
- Year-over-year, home sales were down 6% last month and pending sales were up 30%.
Active Listings and Months of Inventory
- There were 273 active listings of homes in Bend last month, down 12% from 309 in November.
- In December 2023, there were 271 active listings in Bend.
- The months of inventory metric is up 3% month-to-month, from 2.9 months’ worth in November to 3.0 months in December.
- Year-over-year, the months of inventory is up 7%.
Days on Market and Price Reductions
- The average time it takes to sell a home in Bend decreased by 20% in December, from 50 days in November to 40 days last month.
- It took an average of 42 days to sell a Bend home in December 2022.
- Over the last six weeks, there were an average of 15 price reductions weekly.
