Even in the Bend real estate market, it’s reasonable to expect a slowdown in activity in the final months of the year, with fewer homes sold and prices dropping.
Except this year, that’s not happening in Bend.
November sales figures, in fact, showed an increase in the median sales price from the previous month, a rise in the number of units sold and a drop in inventory to a level traditionally seen only in summertime months.
The median sales price in November was $374,000. That is an increase of 1.2 percent over October’s median. For context on that, consider that the median sales price the previous two Novembers (after the housing market had begun its rebound) decreased. What’s more, the $374,000 median price in November 2016 matches the second-highest monthly median sales price this calendar year (also seen in May).
Part of what drove the rise in median price was the percentage of homes $625,000 or more that were sold. Seventeen percent of the homes that were sold in November were in that price range, which is the highest percentage for homes of that price this calendar year.
Looking at sales in all price ranges, the raw number of homes sold also increased month-over-month. It was a small increase from October (from 192 to 196), but homes sold as a percentage of active listings rose from 36 percent in October to 42 percent in November. The 42 percent mark is the highest for any November in the 10 years for which the Skjersaa Group has data.
Another sign of the continued strength of the market is the inventory of homes for sale. The inventory is a measure of how long it would take, based on current pace of activity, to sell all of the active listings if no new properties went to market. The inventory in November was 2.3 months. That’s the lowest for any November in our data set and less than half of the six-month threshold that is traditionally regarded as the threshold between a seller’s and a buyer’s market. Until this calendar year, the inventory had dipped to 2.3 months once, in June 2013.
Data for November shows that the sale price-to-list price figure was 100 percent, which hadn’t been reached since September 2015.
Whether you are looking to sell your home or are exploring your options to buy, I can help you through the process. My knowledge of the Bend market and my attention to your needs will help produce an outcome that leaves you more than satisfied. To get started with listing your Bend home or to view area homes, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.