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.