Record for median sales price in June; $400K mark exceeded

Back-to-back months of declines in the median sales price of homes in Bend, Oregon, ended in June: The median price was $409,000 – a record for the 10-plus years for which the Skjersaa Group has data and the first time in that period that the median price has reached $400,000.

June 2017 figures share some characteristics from the same month in previous years, and the most important one might be that only once in the preceding 10 years was June the high-water mark for the median sales price in a calendar year.

June had the highest number of active homes (442) and the highest number of sold homes (246) this calendar year to date, as was the case with June each of the previous three years. In all three of those years, the June sales price exceeded what was then the year-to-date median price for the respective calendar year, but later months those years exceeded June’s median price.

Translation: Based on data from the last three years, June’s record-breaking sales prices could very well be eclipsed this calendar year.

It’s worth remembering that the median sales price is not an average sales price. The median is the amount at which half of the homes sold in a given month went for less than the median, and half went for more than the median.

Using the median figure rather than the average prevents the figures in question from being skewed by a handful of high-end homes.

(Which didn’t happen, anyway. Ten homes priced for $825,100 or more were sold in June, one fewer than in each of April and May.)

The inventory of homes on the market increased in June to 3.3 months. That’s the highest for a June since 2014, when it was 4.2 months. But, similar to a phenomenon we pointed out last month, the inventory for Bend as a whole is weighted by the most expensive tier of homes.

Inventory for homes in the range of $825,100 and $925,000 was 3.2 months, and for homes priced at $925,100 and up, it was 15.2 months. For homes priced up to $825,000 – which made up 79 percent of the active listings in June – the inventory was three months and less.

June’s median sales price was 10.5 percent higher than in June 2016. That marked the third year in a row that the year-over-year increase in June exceeded 10 percent. June’s $409,000 median price was 7.9 percent over the previous month’s – and that’s the highest month-over-month increase for a June since 2011, when the region was clawing its way out of the housing decline.

Another record was set in June, and that was for lowest average days on market: 91 days. It was the first time the average was less than 100 days since July 2016 (when it was 97 days) and only the third time since at least January 2007 (the extent of our data set) it has been less than 100 days.

It seems clear the real estate market in Bend has hit full stride. It’s an exciting time to be in the market – as a buyer or a seller. Whatever your position, I can assist in bringing about a solution that leaves you satisfied and in a great position.  To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Related Posts

  • 86
    By Jason Boone The numbers of homes sold in Bend, Oregon, in January dropped compared with previous months -- which probably shouldn’t be a surprise given our weather -- but the median price of those homes that were bought was on the rise. The median sales price in January 2017 was…
    Tags: price, sales, homes, median, year
  • 66
    By Jason Boone Although the median sales price of a home in Bend, Oregon, dropped in July for the second month in a row, there are plenty of signs that the trajectory of the market has only slightly leveled off and hasn’t begun anything approaching a downward path. July’s median…
    Tags: price, sales, median, months, $, homes, year
  • 63
    By Jason Boone In my review of May’s home sales data in Bend, Oregon, I suggested that the market might have been reaching a peak. The figures for the three months since seem to support that theory. The median sales price of a home in August was $359,000. That represents the…
    Tags: price, sales, median, months, $, homes, year, days
  • 61
    The median sales price of a home in Bend, Oregon, set another record in July, the second month in a row that figure has reached unprecedented levels. But along with the rising median sales price came evidence that the market is highly competitive and buyers are pushing back on overpriced…
    Tags: sales, price, homes, days, median, months, june, $
  • 61
    By Jason Boone The median price of homes sold in Bend, Oregon, in May was the second-highest in the last 10 years, but there are signs that prices might be nearing or at a peak. At $374,000, the median sales price in May 2016 trailed only that of May 2007…
    Tags: price, homes, sales, median, months, $, days

Median sales price falls for second month in a row. What happened last time that occurred?

The housing market in Bend, Oregon, tapered slightly in May, as the median sales price fell for the second month in succession and the inventory of homes on the market rose compared with April. Still, the year-to-date median price remained steady at a price that represents a high for the 10-plus years for which we have data.

May’s median sales price was $379,000. That’s 4.1 percent lower than March’s median sales price of $395,000 and 2.8 percent lower than April’s median of $389,950.

If recent history is any indication, this dip could eventually turn into a trampoline. The last time monthly median sales prices declined in consecutive months was in 2016 (when they fell for three months in a row, in fact). That stretch of monthly declines after the median price reached $374,000 in May ended emphatically with a 7.5 percent month-over-month increase from August to September to $385,750 – the calendar-year high for 2016.

Two hundred seventeen homes were sold in May, four fewer than in April. The number of houses whose priced was reduced was 107 — 32 percent. The last time the percentage of active listings with a reduced price was that high was in the three-month stretch in 2016 when the monthly median sales figure dropped. (See the previous paragraph for what happened after that three-month stretch.)

Year over year, May’s median sales price showed a 1.3 percent increase from the corresponding month in 2016. That is the smallest year-over-year increase in a monthly median sales figure since January 2016. That month, the median sales price of $317,450 was 3.7 percent lower than in January 2015.

The 2017 year-to-date median price stayed at $380,000 after taking into account May’s sales. That remains the highest year-to-date median price on record. In fact, each month of 2017 has reset or tied the record for the highest year-to-date median sales price.

High-end homes a big part of inventory

The inventory of homes rose to 3.1 months in May. Inventory — expressed as the time that would be required to sell all homes on the market given the current pace of activity — was 1.7 months in May 2016.

May 2017’s inventory is skewed, however, toward higher-priced homes. Of May’s 337 active listings, 33 percent were priced at more than $725,000 (that percentage was 25 percent in March and 31 percent in April). For homes priced from $225,100 to $625,000, the inventory is in the range of two months. And two months of inventory falls well on the side of being a “seller’s market.”

Tied to the inventory is the volume of homes on the market. Each month this year, the active listings have been the fewest for those respective months in the 10-plus years for which the Skjersaa Group has data. As mentioned in the previous paragraph, the quantity of homes priced at $725,000 and less is particularly tight.

Late spring and summer traditionally are the most active months for real estate, and if you’re looking to buy a home or considering putting yours on the market, I can be of help. In my time as a Realtor, I have helped clients achieve their desired results regardless of the time of year and the trend of the market. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Related Posts

  • 90
    The median sales price of a home in Bend, Oregon, set another record in July, the second month in a row that figure has reached unprecedented levels. But along with the rising median sales price came evidence that the market is highly competitive and buyers are pushing back on overpriced…
    Tags: sales, price, homes, median, months, market, percent, month, inventory, $
  • 90
    By Jason Boone Although the median sales price of a home in Bend, Oregon, dropped in July for the second month in a row, there are plenty of signs that the trajectory of the market has only slightly leveled off and hasn’t begun anything approaching a downward path. July’s median…
    Tags: market, price, sales, median, months, percent, $, inventory, homes, month
  • 88
    By Jason Boone In my review of May’s home sales data in Bend, Oregon, I suggested that the market might have been reaching a peak. The figures for the three months since seem to support that theory. The median sales price of a home in August was $359,000. That represents the…
    Tags: price, sales, market, median, months, percent, $, homes, year, inventory
  • 84
    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…
    Tags: price, homes, market, percent, median, sales, inventory, year, months, $
  • 83
    By Jason Boone The median price of homes sold in Bend, Oregon, in May was the second-highest in the last 10 years, but there are signs that prices might be nearing or at a peak. At $374,000, the median sales price in May 2016 trailed only that of May 2007…
    Tags: price, homes, sales, market, median, month, months, $, inventory

Median price drops in April, as does inventory of homes for sale

The median sales price of a home in Bend, Oregon, dropped in April compared with the month before, but the inventory of homes for sale fell for the third month in a row, leaving the tightest supply in more than 10 years.

The median sales price in April was $389,950. That’s 1.3 percent lower than March’s median of $395,000. The average sales price to list price of homes that sold in April was 97 percent, down from 101 percent the month prior.

On a year-over-year basis, April’s median sales price was 7.2 percent higher than April 2016’s figures. And the 2017 year-to-date median sales price rose to $380,000, $5,000 more than one month earlier and $40,000 more than the year-to-date median price through April 2016.

Despite the decline in price, April’s figure was the third-highest median sales price in the period for which the Skjersaa Group has data, which dates to the start of 2007.

Even with the decrease from March’s median sale price, April’s sales figures indicate the Bend housing market isn’t slackening. The inventory of homes — the time it would take for all homes on the market to sell, given the current pace of sales — is 1.4 months. And the average days on the market for homes sold in April was 96 days. Both of those numbers are the lowest for the time covered by our dataset.

The percentage of homes priced $625,100 and up made up 15 percent of the sales in April — the highest proportion of one month’s sales for homes of that price this calendar year.

Two hundred twenty homes were sold in April, the highest for that month in our dataset. Although that figure might reflect activity that was bottled up during our snowed-in winter, the unprecedented low average days on market would indicate that buyers are pouncing quickly.

There were 324 active listings in April, matching February for the fewest in a month this calendar year and the lowest for any April since at least 2007. May began with 389 active listings.

Now more than ever, a trustworthy, experienced Realtor is essential if you’re in the real estate market. on your side. Whether you’re considering selling your home or in the market for a new home, my insight and assistance will produce an optimal outcome. To learn more about how I can assist you, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Related Posts

  • 91
    By Jason Boone The numbers of homes sold in Bend, Oregon, in January dropped compared with previous months -- which probably shouldn’t be a surprise given our weather -- but the median price of those homes that were bought was on the rise. The median sales price in January 2017 was…
    Tags: price, sales, homes, median, percent, market
  • 86
    By Jason Boone Although the median sales price of a home in Bend, Oregon, dropped in July for the second month in a row, there are plenty of signs that the trajectory of the market has only slightly leveled off and hasn’t begun anything approaching a downward path. July’s median…
    Tags: market, price, sales, median, percent, $, homes, month
  • 69
    By Jason Boone The number of homes sold dropped and the median home-sale price in Bend, Oregon, fell in October, copying a trend from the previous October. The year-to-date median sales price continued to rise last month -- as it has done each month in 2016 -- adding a very…
    Tags: market, sales, price, $, month, homes, median
  • 69
    By Jason Boone In my review of May’s home sales data in Bend, Oregon, I suggested that the market might have been reaching a peak. The figures for the three months since seem to support that theory. The median sales price of a home in August was $359,000. That represents the…
    Tags: price, sales, market, median, percent, $, homes, month
  • 69
    By Jason Boone Any sense during the summer months that the housing market in Bend, Oregon, was softening or beginning to tilt in favor of buyers might be erased by the sales figures from September. After three months of declines in the median sales price, it rose in September to $385,750.…
    Tags: percent, price, market, sales, $, month, median, homes

Housing market continues to rise from depths of foreclosure crisis

More than 7.75 million homes went through foreclosure in the 10 years ending with the close of 2016, but recent employment and economic trends in the United States show the potential to drive the future number of foreclosures to below the pre-housing crisis levels.

A report by CoreLogic, a California company that provides financial and consumer information, shows that in terms of the number of foreclosures, 2016 was the best year since the onset of the housing crisis in 2007. What’s more, CoreLogic’s report indicates we are likely to see foreclosure numbers fall further.

CoreLogic reports that there were 7,783,000 foreclosures from 2007 to the end of 2016. January 2011 was the worst month, with an inventory of 1,563,000 homes in foreclosure in the United States.

That high-volume mark corresponds with the low point for the median sales price for homes in Bend, Oregon, in the last 10 years. The median sales price in Bend in January 2011 was $170,000. One month earlier, it was $169,000, the lowest median sales price in the 10 years for which the Skjersaa Group has data.

Nationwide, the low point for home prices was March 2011, according to the CoreLogic report. Since then, we’ve seen mortgage interest rates fall to a record low of 3.31 percent in November 2012, a 10 percent year-over-year increase in home prices in March 2013 and what CoreLogic calls the serious delinquency rate decline in March 2015 to the lowest level since before the start of the housing crisis. All of those developments strengthened the housing market and made foreclosure less of a likelihood.

Also since the start of the housing crisis, lending regulations have stiffened. The employment picture has strengthened considerably across the United States, and consumer confidence surveys are firmly in positive territory.

The Bend market has been part of the changing tide since the worst of the housing crisis. The end-of-year median home sales price has risen for five years running, inventory of homes for sale remains low, and the city remains an attractive place to live.

Although fewer and fewer homes are moving into foreclosure, buying or selling a home remains a stressful, taxing process. I can put my knowledge and expertise to work for you, wherever you are in the real estate process. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Related Posts

  • 71
    Is the housing recovery still on track? Learn more about the 2014 Oregon housing market By Jason Boone Thanks to the 2014 Oregon Housing Market Report we know that the housing market still continues to remain on the right track with the rest of the country. Home prices have increased…
    Tags: oregon, market, housing, homes, mortgage, real, estate, interest, rates, buying
  • 68
    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…
    Tags: price, sales, median, $, market, bend, percent, year, inventory, prices
  • 68
    By Jason Boone If you’re thinking about buying a home this spring it’s going to be a great time to buy thanks to historically low mortgage interest rates. Before meeting with your mortgage lender, learn how you can qualify for the lowest mortgage interest rate possible by following these simple…
    Tags: mortgage, rate, interest, best, bend, rates, oregon, real, estate
  • 66
    By Jason Boone Affordable housing, or supposed lack thereof, has been a much-discussed subject around Oregon. And Bend has not been immune, with a historically tight rental market, rising rents and a median home price that at last count sat at $321,500. Such market pressures have created a need for…
    Tags: housing, bend, market, estate, oregon, real, buying, sales
  • 66
    By Jason Boone 2014 was a good year for housing starts since more homes were built in Bend and nationwide. Last year we saw an overall gain in housing starts of 8 percent and that’s encouraging considering the shortage in home inventory we had to deal with during 2013. What…
    Tags: homes, housing, nationwide, fewer, inventory, bend, year, decline, percent, market

New development will retain an open feel while offering desired density

If there is a way to increase the density of housing in Bend without losing all of the appealing openness that the city offered, a development proposed for west of NorthWest Crossing might be a prototype.

A 245-acre area east of the Tree Farm subdivision was sold recently to the developers of NorthWest Crossing. The developers’ plan is to concentrate higher-density housing in the eastern portion of the parcel and reduce the density moving west.

According to The Bulletin, the property requires a minimum of 650 housing units, consisting of single-family, multifamily and duplex/triplex housing.

“This expansion of 650 units will decrease in density as it moves to the west,” Brooks Resources president Kirk Schueler told The Bulletin. “As you get to the western edge, the last 50 acres will have 50 lots on it.”

The preservation of open space was among the attributes of Bend’s urban growth boundary plan that drew praise from the state Department of Land Conservation and Development when it approved Bend’s proposal in November. Developments such as what’s envisioned for this piece of property — which is part of the enlarged urban growth boundary — retains a non-urban character while being faithful to the state’s dictate for Bend to build up as well as out.

“Our family considers this a legacy piece of property,” Charley Miller, co-manager of Miller Tree Farm, said, according to the Cascade Business News. “After the first UGB proposal in 2009, we decided we didn’t want to see a hard line of urban development right up against the forest. We felt that a less intensive pattern would be more appropriate.”

A master planning process, expected to last as long as eight months, will be required before development can begin.

I have lived in NorthWest Crossing for more than a dozen years. My firsthand experience in this neighborhood and my broader knowledge of the Bend market give me the background necessary to make sure you get the optimal outcome in your real estate transaction. Whether you’re looking to buy or considering selling your home, I can help. You can contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

 

Related Posts

  • 79
    The heavy lifting is about to begin on Lot 506 of NorthWest Crossing, a 15-lot subdivision south of NW Shevlin Park Drive and west of NorthWest Crossing Drive, abutting the Shevlin Health & Wellness Center. The 2.93-acre development will consist of lots designed for single-family residences. The area was originally…
    Tags: northwest, crossing, bend, lots, property, area, city, west, development, will
  • 75
    Are you searching for the right community to relocate to in Bend? If so, why not consider Northwest Crossing? Northwest Crossing is one the Bend’s best communities and a top destination in the Pacific Northwest for raising a family because, you can find almost everything that you need for day…
    Tags: northwest, crossing, bend, will, estate, real
  • 73
    By Jason Boone With the city of Bend, Oregon, making progress toward an expansion of its urban growth boundary, some observers of the real estate scene might think that the market for homes -- both owner-occupied and rental -- will relax from the last couple of years of tight inventory…
    Tags: expansion, boundary, urban, growth, plan, state, land, bend, city, market
  • 69
    By Jason Boone The westside of Bend has long been a hotspot in Bend real estate, popular with both longtime residents and new arrivals to this fast-growing town on the High Desert. This is no accident, of course. The west side has much appeal. The majority of Bend’s historic homes…
    Tags: west, bend, area, growth, city, will, real, estate, market, news
  • 63
    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, will, market, estate, real, news

Median sales price up in January even as pace of sales slows

Median sales chart

By Jason Boone

The numbers of homes sold in Bend, Oregon, in January dropped compared with previous months — which probably shouldn’t be a surprise given our weather — but the median price of those homes that were bought was on the rise.

The median sales price in January 2017 was $370,813 — 4.6 percent higher than in December 2016 and 16.8 percent higher year-over-year.

If data from past years hold true this year, the January median sales price can be viewed as a floor of price support for the rest of the year. In four of the previous five years, the median sales price in January wound up no lower than the second-lowest median sales price for the entire calendar year.

In 2015, though, the year that was the exception, the end-of-year median sales price of $327,500 was lower than January’s median sales price of $329,700.

A total of 130 homes were sold in January 2017. That’s the fewest since 125 homes changed hands in February 2016. (On a per-day basis, though, the rate of sales last month was in fact quicker than in February 2016.) You’d have to go back another year, to January 2015 (when 120 homes were sold), to find a January with so few homes sold.

A drop in activity was also seen in the number of homes coming to market in January: 127, which is the fewest in any month in more than two years and the fewest in any January since 2012. Of course, Bend’s record-breaking snowfall could very well be responsible for at least some of the slowdown in real estate activity.

Other observations about January’s sales data:

  • The inventory of houses — the amount of time it would take for all homes on the market to sell, given the current pace of sales — was 3.1 months in January. That’s the lowest inventory for a January in the 10 years for which the Skjersaa Group has sales data and about 10 percent lower than the 3.4-month inventory of January 2016.
  • Sellers are pricing their homes appropriately. The average sales price to list price was back up to 99 percent from 98 percent in December 2016.
  • The percentage of active listings priced at $625,100 or more was 36 percent in January 2017. That’s the highest percentage of homes on the market in that price range since August 2016 (39 percent). There was 9.1 months of inventory of homes in that price range last month, the highest since February 2016.
  • Average days on the market rose from 121 days in December 141 in January. That is comparable to the previous January (138 days in January 2016). In the last five years, January’s average days on the market turned out to be the highest or second-highest figure for that calendar year.

After the snow clears, the pace of real estate activity in Bend is likely to pick up steam again. If you’re thinking about buying a home or considering selling, my knowledge of the market can be a considerable asset working in your favor. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Related Posts

  • 91
    The median sales price of a home in Bend, Oregon, dropped in April compared with the month before, but the inventory of homes for sale fell for the third month in a row, leaving the tightest supply in more than 10 years. The median sales price in April was $389,950.…
    Tags: price, sales, median, homes, market, percent
  • 90
    By Jason Boone Although the median sales price of a home in Bend, Oregon, dropped in July for the second month in a row, there are plenty of signs that the trajectory of the market has only slightly leveled off and hasn’t begun anything approaching a downward path. July’s median…
    Tags: market, price, sales, median, percent, homes, year
  • 89
    By Jason Boone In my review of May’s home sales data in Bend, Oregon, I suggested that the market might have been reaching a peak. The figures for the three months since seem to support that theory. The median sales price of a home in August was $359,000. That represents the…
    Tags: price, sales, market, median, percent, homes, year
  • 88
    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…
    Tags: price, homes, market, percent, median, sales, year
  • 88
    By Jason Boone Any sense during the summer months that the housing market in Bend, Oregon, was softening or beginning to tilt in favor of buyers might be erased by the sales figures from September. After three months of declines in the median sales price, it rose in September to $385,750.…
    Tags: percent, price, market, sales, median, homes, year

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