Median sales price declines slightly in June
By Jason Boone
June was the busiest month for home sales in Bend, Oregon, to date in the 2016 calendar year in terms of houses sold and active listings, and the increase in inventory might have helped produce the first month-to-month drop in median sales price since November 2015.
The 462 active listings in June were a calendar-year high, as were the 287 sales. One hundred fifty homes on the market had their prices reduced, a percentage of reductions (32 percent) that hadn’t been seen since September 2015. That month, 37 percent of the 562 listings in Bend had reduced prices.
Inventory crept up from 1.7 months in May to 1.8 months in June. A six-month inventory generally is regarded as the dividing line between a buyer’s and a seller’s market.
The median price of sold homes was $370,000 in June, down from $374,000 in May. Year over year, the median price has risen 12.3 percent from June 2015’s figure of $329,450. Even with the monthly decline in median price in June, the year-to-date median price rose to $352,225.
Notwithstanding the decline in median sales price, June’s figure ranks third in the 10 years for which the Skjersaa Group has sales data. Only May 2007 ($396,250) and May 2016 have had higher median sales prices than June.
Homes in the $425,100-$525,000 range had an average ratio of sales price to list price of 100 percent and the shortest average days on market (94 days) of any price range. Inventory in this price range dropped from 1.9 months in May to 1.6 months in June.
June’s overall ratio of sales price to list price was 99 percent, the same as for the entire 2015 calendar year and the fifth month this calendar year with a ratio that high.
Looking ahead, 288 sales were pending and 506 listings were active heading into July. Those are relatively high numbers and should portend a continuing active market.
The real estate environment in Bend might appear daunting, considering the pace of activity in such a desirable market. My experience here can help you find the right home at the right price, or, if you are looking to sell, I can help you market your home for an optimal outcome in our conditions.
To learn more about Bend home prices, get started with listing your Bend home, or to view area homes, contact me at (541) 383-1426, or Bend Property Search to connect with me through my website.