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May ended with 269 active listings in the Bend, Oregon, real estate market – more than twice as many as in May 2021. That data point was only one among many showing that the market loosened in May and buyers had more inventory to choose from.

The 269 active listings at month’s end marked the second-most dating to September 2020, soon after Oregon emerged from stay-at-home orders and as pandemic-driven demand stoked a fire under Bend’s already feverish housing market.

The relatively high number of active listings is attributable partly to the 295 homes new to the market in May. That followed 308 homes entering the market in April.

Those developments helped skew the market – relatively speaking – toward buyers in May.

The median sales price in May was $740,000, 3.9 percent less than April’s figure and 4.3 percent less than the all-time high of $773,000 set in February. May’s median sales price was 17.8 percent more than the median in May 2021. The 17.8 percent year-over-year increase is the second-smallest we’ve seen dating to September 2020, an indication that the pace of acceleration of prices in Bend might be easing.

Two of the common data points we use to characterize the market – average days on the market and months of inventory – moved in buyers’ favor in May. Days on the market more than doubled, from 13 in April to 28, which ties the calendar-year high. Inventory rose to 1.2 months, matching the highest since September 2020.

Another way to look at the market is to look at the raw number of sales. There were 218 in May. In the previous May, there were 227. But in May 2021, 377 homes became or already were active during the month. In May 2022, when there were almost as many sales as in the previous May, there were 482 homes – 28 percent more than in May 2021 – that became or were active during the month.

Homes in the most expensive price tier – priced at $925,100 or more – again had the most activity. In May 2019, the last May before COVID-19, homes in this tier accounted for 9.5 percent of all sales in the Bend, Oregon, real estate market (22 out of 232). In May 2022, homes in this tier accounted for more than 26 percent of sales (64 of 245).

What’s more, May ended with 75 pending sales of homes priced at $925,100 or more. That’s the second-most pending sales in this price tier dating to at least January 2017, and it’s almost 50 percent more than the number of pending sales in the next-most active price tier (51 homes at $625,100 to $725,000).

The demand for homes priced at the high end mounted even as mortgage rates increased. According to The Philadelphia Inquirer, average rates on 30-year fixed loans are at their highest since 2009. The slight softening of the Bend, Oregon, real estate market – again, “softening” is relatively speaking – could be a reflection of rising rates. Or it could be a consolidation or plateauing of market forces, preliminary to another movement along an upward trajectory. It could be a combination – or something different. No one can tell.

But in these times, I can tell you that a trusted Realtor can have a significant impact on the success of your real estate journey. I have experience in all types of market conditions – including when rates are going up – and I have a deep knowledge of the Bend, Oregon, real estate market. I am confident I can assist you, whether you’re in the market for a home or considering selling your current residence. I invite you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.