Bend median home price stays strong in October

Bend Oregon Home For SaleBy Jason Boone

The upward trajectory of the Bend, Oregon housing market continued in October 2015, extending a four-year recovery trend from the depths of the Great Recession. Bend’s October median home price came in at a robust $339,500, according to data recently compiled by the Skjersaa Group. The year-to-date median — the number where half the homes sold for more and half less — sits at $329,000.

Both median prices represent a significant year-over-year gain. In October 2014, the median sat at $290,000 both for the month and year to date. Of course, anyone with a memory remembers the scariest days of the recession, when the median home price in Bend bottomed out at $169,950 in February 2011.

Despite the dramatic gains, though, the Bend market is closer to balance than some might think. For one, the median home price is still well below the statistical high point hit in May 2007, when the median price in Bend hit $396,250.

And contrary to what many folks who see all those For Sale signs might believe, there is not a glut of homes on the market right now. In fact, that appears to be far from the case.

The number of active listings is significantly fewer than the waning days of the housing boom. In September 2007, 1,587 active listings were on the Bend market. And in February 2009, the months of inventory sat at 47.7 months.

Contrast that to today. Right now there are 565 active listings, which is less than the 638 on the market in October 2014. And in October, the Bend market had just 3.8 months of inventory of homes for sale. In fact, the market has averaged just three months of inventory year to date.

What does that all mean for buyers and sellers?

Six to seven months of inventory in Bend is considered a balanced market, which means the market still is favoring sellers. But there are signs that the Bend market does seem to be moderating after nearly four years of gains, which countered three years of losses.

Moderation, of course, is good news for most everybody.

Knowing what trends have developed can give both buyers and sellers an advantage in the market. Here are some other interesting tidbits that can be gleaned from the data:

  • The earlier in the year the better for sellers. More and more homes are hitting the market as the months get warmer. Since 2013, the first half of each year has produced far fewer price reductions. In April 2015 Bend saw 79 price reductions. In May, that number jumped to 138 and had climbed each month since before falling back to 145 in October.
  • The months of home inventory has held under six months during each month since September 2014. Until it reaches six months of inventory, though, Bend will be considered a “seller’s market.” The market for homes of less than $425,000 was the most competitive, with less than two months of inventory.
  • The average selling price so far this year has been 99 percent of its listing price. And the average days on market has been 120 days. Not surprisingly, in October homes between $125,000 and $225,000 (a small group that accounted for just 10 sales) spent the fewest days on market at just 85 days.
  • In October, there were 194 homes sold, which is fewer than the 207 sold in October 2014. So far this year there has been an average of 202 sales per month, which is up from the 183 per month through October 2014 and the 186 per month in 2013. The statistical low was in 2008 with a shocking average of just 68 sales per month.

Knowing how the data applies to each buyer or seller takes expertise. I can help navigate the market and find the perfect Bend, Oregon home.

To learn more about Bend home prices, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Related Posts

  • 85
    By Jason Boone Last year felt momentous in the Bend real estate market. Sales were brisk for the majority of 2015, and with all the development around town, there was a certain palpable energy. But where 2015 actually fit in the greater context of previous years is another matter. The…
    Tags: $, price, median, market, bend, homes, oregon, estate, real, news
  • 83
    By Jason Boone As a home buyer one of the best things you can do is buy Bend Oregon Real Estate that’s located near one of Bend’s best schools. Schools matter when buying a home because of the following: Long Term Investment It doesn’t matter if you are single right…
    Tags: bend, estate, real, oregon, homes, buying, news
  • 79
     By Jason Boone Prospective homebuyers still often ask me about foreclosures. Certainly the question makes sense. In the wake of the housing bust, foreclosed properties dominated the real estate market, both in Bend and throughout the nation. For many bargain hunters, foreclosed homes became an obvious avenue to buy a…
    Tags: bend, market, homes, estate, real, $, oregon, news
  • 78
    By Jason Boone One need not drive around town for long to realize that Bend, Oregon is changing. In fact, Bend is among the fastest growing metropolitan areas in the nation, according to the U.S. Census Bureau. Such growth is nothing new in this charming city on Oregon’s High Desert.…
    Tags: bend, market, $, oregon, estate, real, news
  • 78
    By Jason Boone So you’re thinking about selling your Bend Oregon Real Estate while you search for Bend Oregon Homes for Sale and ultimately buying a home at the same time. Although selling a home while buying a home at the same time might seem like a complicated process, it’s difficult…
    Tags: oregon, bend, estate, buying, real, buyer

Trackbacks

  1. […] Home values have grown significantly since the depths of the Great Recession. There is no denying that. Here in Bend, Oregon, the monthly median price has grown from a monthly low of $166,000 in November 2011 to $339,950 in October. […]

  2. […] Group.  The median sales price in Bend on 141 sales in November landed at $321,500, down from $339,950 in October and the lowest monthly median since April. The year-to-date median — the number where half the […]

  3. […] 2015, we saw here in Bend, Oregon, a surging residential real estate market that helped the year-to-date median price rise to as much as $329,000. And we saw Bend explode with […]

Leave a Reply

Jason Boone | Principal Broker, CRIS | Duke Warner Realty | Skjersaa Group
Oregon Real Estate Licensee | 1033 NW Newport Ave Bend, Oregon

%d bloggers like this: