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.

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The Latest Statistics for the Real Estate Market

home prices united states

Home prices continue to rise across the United States and homeowners are excited especially since at the start of this year it was expected that home prices would start to decline due to the Federal Reserve tapering but that has not happened yet.

Year-Over-Year Gains

Home prices showed some significant gains year over year In February with 12.2% gains and the housing market is expected to show significant gains for March as well of at least 10.5 % once last month’s figures for the Real Estate market are finally in.

24 Months of Gains

The encouraging figures as reported this week by CoreLogic also show us that in total we’ve enjoyed increases in home prices for 24 months and home prices are expected to continue to appreciate as we move into the spring and summer months.

2014 Projections on Track

Thanks to the CoreLogic data we also know that other segments of the housing market are expected to continue improving including the shrinking of distressed home sale inventory and foreclosures.

Oregon has shown the highest increases in home values over recent months including a 13.8% increase in home appreciation in February including a three month gain in home values of 2.2% which ranks Oregon as one of the best states for home appreciation in 2014 along with Nevada, California, Michigan and Georgia.

Are You Planning On Buying Or Selling In 2014?

It doesn’t matter if you’re planning on buying or selling a home in 2014, you need an experienced Bend Oregon Realtor who can help you with all of your Real Estate needs.

To learn more about the latest Real Estate statistics or to talk with me about what it will take to buy or sell a home in Bend contact me today.

Call me at (541) 383-1426 or click here to contact me through my website.

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