Sales prices approach highest on record

March homes sales in Bend, Oregon, picked up compared with the previous month and registered the second-highest median sales price in the last 10 years.

The median price climbed to $395,000 in March. The only month in our data set (dating to the start of 2007) that figure has been higher has been May 2007, when it was $396,250.

March’s median sales price was 11.3 percent higher than February’s mark of $354,853. Year over year, March’s median represented a 14.2 percent increase.

The 11.3 percent monthly increase in March was the largest in Bend since January 2015 had a 13.7 percent increase from the month prior.

Can anything be learned from January 2015 that can be applied to the future of the current Bend market?

That can’t be answered. But it is worth pointing out that January 2015’s median sales price of $329,700 turned out to be greater than the year-end median sales price for the entirety of 2015 ($327,500).

And January 2015 represented the fifth-highest month for sales price in that year, whereas January usually is among the lowest months for median sales price.

Returning to the present year, remember that typically, March’s median sales price represents a “support” level, or a springboard, for prices for the remainder of the calendar year. In each of the last six calendar years, the month with the highest median sales price has been September or August. So it would be unusual for March’s median sales prices not to be exceeded in the coming months.

Other information in the March sales data support the position that Bend remains strongly a seller’s market.

For one, the inventory of homes on the market was 2.0 months. Inventory represents the amount of time it would take for all homes on the market to sell, given the current pace of sales. There is some debate about the boundary between a buyer’s and a seller’s market (with figures ranging from three to six months), but there’s no debating that March’s inventory was the third-lowest for the time span the Skjersaa Group has data and the lowest for any March in that period.

The average days on the market in March was 112 days. That is 24 fewer days than in February (a halt to our record-breaking winter weather undoubtedly helped), and, perhaps more significant, 18 days fewer than in March 2016. The average days on market for the entirety of calendar year 2016 was 118 days.

We entered April with 273 pending sales, a number that promises another busy month.

As the real estate market gears up, it’s as important as ever to have a trusted, experienced Realtor on your side. Whether you’re looking to sell your home or considering buying, I can provide guidance and advice to ensure an optimal outcome for you.  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

  • 87
    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, bend, percent, $, month, year
  • 79
    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, year, median, price, market, $, bend, month, days
  • 78
    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, sales, market, median, month, bend, months, $, days
  • 77
    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, bend, $, year, month
  • 75
    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, $, bend, month, median, months, days


  1. […] 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 […]

  2. […] 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 […]

  3. […] 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 […]

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: