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

Selling a home during the holidays has its advantages

We all have a lot on our plates this time of year. That reality can make the prospect of trying to sell a home appear daunting.

Who would put their home on the market now, just after Thanksgiving and a little before Christmas? Well, as counterintuitive as it might seem, selling a home during the holiday season can have its advantages.

You can be confident that anyone wanting to look at your home during the holidays is a motivated buyer. That reduces your workload. That should mean fewer instances you have to instantaneously make your home look so spotless it’s as if no one lives in it and then vanish for an hour or so. Prospective buyers could be facing a hard deadline, meaning they will want to complete a deal in good order. Tradespeople and professionals involved in the deal (home inspectors, appraisers, licensed repairmen) might be less busy and more able to take care of what’s needed to get the deal done.

Generally speaking, a home entering the market at this time of year has less competition for a prospective buyer’s attention but has a relatively greater chance of being sold. For each of the last seven calendar years in the Bend market (2009 through 2015), the two months with the fewest new listings have been November and December. But for sales as a percentage of active listings, December was the fourth-best month last year, the third-best month in 2014 and the second-best month in 2012.

Where we live, the holidays might not be the “down” time of year that it can be elsewhere. Every region of the country has its own pace and traditions, and every area has its times of year when trying to capture the attention of people — such as home buyers — is a challenge. In some places, a Saturday or a Sunday in the fall could be a poor time to try to sell a house if the locals are fervent football fans.

Remember, too, that buyers are doing their research on their own, on their own time, via online searches, rather than driving around neighborhoods. The Internet knows no seasons. If your house is appealing to a prospective buyer, that will be evident regardless of the time of year, the weather or road conditions.

Whatever time of year it is, I can help you get the best deal when it comes time to sell your home. Or, if you’re a prospective buyer, my knowledge of the Bend market will help assure you get an optimal deal. To get started with listing your Bend home or to view area homes, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Related Posts

  • 57
    By Jason Boone In 2014 there has been plenty of First Time Bend Oregon Home Buyers because, thanks to low mortgage interest rates for 30-year fixed loans, and great home prices, this year has been ideal for the first time home buyer to enter the Real Estate Market. With many…
    Tags: time, buyers, bend, will, market, buyer, help, year
  • 51
    Love Your Home and Avoid Buyer’s Remorse with These Simple Tips By Jason Boone As a long time Realtor I’ve met many home buyers over the years who suffered from home buyer remorse once they finally settled in the homes they’ve purchased. The reality is that every home buyer can…
    Tags: buyer, will, bend, buyers
  • 51
    I’ve written before about the importance of hiring a professional, competent Realtor when buying or selling a home. At a time we can seemingly get any sort of professional expertise imaginable -- legal, medical, home improvement -- via a rudimentary Internet search, some people might not grasp the value of…
    Tags: bend, house, area
  • 46
    By Jason Boone Buying a home for the first time is an exciting part of life since you will finally be moving from years of renting and saving to owning your own home. During the home buying process one of the most important things you will pay for is the…
    Tags: will, buyer, time, bend
  • 42
    By Jason Boone As just about any longtime resident will tell you, living in Bend can seem like a dream. We are lucky to live in a beautiful place that puts just about any adventure sport within minutes of any Bend front door. It’s a wonder the area managed to…
    Tags: bend, market, buyer

Deschutes County Residential Sales Report For January And February 2014

deschutes county homes

New Construction was definitely on the rise in Deschutes County during January and February including the sales of Residential Bend Oregon Homes as there were 24 new residential homes sold in January and 43 sold in February.

Builder Home Sales

Besides the great news about new residential home sales in Deschutes County for January and February 2014, builder home sales also increased as well too.

Bend Oregon Home builder Hayden Homes sold six homes in January, and 17 homes in February, while Greg Welch Construction, Pahlisch Homes and other well-known Central Oregon builders also had strong sales in the first two months of 2014 as well.

Residential Plat Activity

Thanks to Deschutes Builder Services we know that residential plat activity is increasing in Deschutes County as well with four plats sold at Aspen Rim and Eagles Landing last month.

When we add up all of the residential plats sold across Deschutes County there were a total of 46 sold in the month of February as a whole.

Average Sales Price for Bend New Home Sales

Both January and February were very busy months for new home sales in Bend as there were many homes sold in the North East, North West, South East and South West areas of Bend. The average sales prices for homes sold in these areas are as follows:

Bend NE – $250,691

Bend NW – $484,684

Bend SE – $303,408

Bend SW – $256,294

Vacant Lot Sales

Last of all, but still as important is the topic of vacant lot sales across Bend as dozens of vacant lots were purchased by Bend Oregon builders.

The one company that stands out with the most vacant lot purchases is Pahlisch Homes as they bought 13 vacant lots across Bend.

Greg Welch Construction purchased two lots in the Northwest Crossing development for $125,000 and $152,000 while other Dechutes county builders including: Young Construction company purchased vacant lots in Northwest Crossing and at other developments across Bend.

To learn more about the latest Deschutes County or Bend Oregon Real Estate news, or to view homes for sale in the area, contact me today for a free Real Estate consultation at (541) 383-1426.


Related Posts

  • 52
    Much like the overall Bend real estate market, the sales environment in Northwest Crossing picked up in September from the previous month. The number of homes sold and the median sales price increased, and the average days on the market for homes decreased, compared with August’s figures. In August, six…
    Tags: sales, homes, sold, $, bend
  • 48
    By Jason Boone A leap year and seasonably mild weather made February 2016 in Bend a bit different than in most years. One thing that was typical, though: a relatively slow home sales month in Bend. In February, 125 single-family homes were sold, according to data recently compiled by the…
    Tags: february, bend, homes, $, sales, january, oregon
  • 48
    By Jason Boone The residential real estate market in Bend, Oregon tends to slow during the winter months. Typically beginning in November, the colder weather combined with the holiday season often sends potential home buyers and sellers into temporary hibernation, leading to fewer new listings and the whittling down of…
    Tags: $, bend, homes, oregon, sales
  • 47
    Bend Oregon home sales continued to increase in May 2013, even as home inventories continued to fall. The sales of homes in Bend Oregon increased by over 40% as close to 300 homes were sold and this is a 9% increase from last year. A Nationwide Trend Home sales in…
    Tags: bend, sales, homes, oregon
  • 45
    By Jason Boone What was already an impressive year in 2015 ended on a particular high note in December. In fact, an almost shocking number of homes were sold during the last month of 2015, pushing the year into record-breaking territory. How good of a month was it? Through the…
    Tags: homes, bend, sold, $, sales, oregon

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