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.