Median sales price in Bend inches up to another record
The residential real estate market in Bend, Oregon, continued in September to reach new heights for sales prices, but the increases remained modest.
In September, for the fourth month in a row, the median sales price of a home in Bend reached a record high. Although the market still appears to be strongly fueled by committed buyers and to be tilted toward sellers, some data points indicate the market might be leveling off.
September’s median sales price of $416,500 was up $2,500 from August’s median price. That’s a 0.60 percent month-to-month increase.
The first month of this record-setting run came in June, when we saw a 7.9 percent increase from the month prior. The increase in median price since then has been by less than 1 percent each month.
Each of the three months before September, the year-over-year increase in the monthly median sales price was at least 10.5 percent. Comparing September 2017 to the same month the year before, however, the median price was 8.0 percent greater.
Inventory of homes in Bend rises
Turning from sales price to the supply of homes, we see more evidence that the Bend real estate market might be nearing a peak. The inventory of homes for sale in September was 5.7 months – the highest since September 2014.
In previous blog posts, we’ve noted that the overall inventory of homes in Bend is skewed by the supply of homes at the high end of the price spectrum. That remained true in September, but even at more modest price ranges, inventory increased in September.
Homes in the $425,100 to $525,000 range had an inventory of 3. 4 months in September. That is the highest inventory in that price range of Bend real estate since we saw a 4.8-month stock of homes in January 2016.
Only in price ranges more than $725,100 did September’s inventory exceed 3.4 months.
As a reminder, the inventory signifies the length of time it would take to sell all of the homes currently on the market given the current pace of sales. A common dividing line between a seller’s market and a buyer’s market is six months of inventory.
Prices generally high in September
It’s also worth noting that in three of the previous four years, the September median sales figure turned out to be the highest month in that calendar year. And the average days on the market in September was 114 days – considerably lower than in July (141 days) and August (136) but higher than in September 2016 (104).
As we head deeper into fall and the winter, which is traditionally a slower season for real estate, having an experienced, ethical Realtor on your side can make all the difference in the satisfaction you take from a real estate transaction. My knowledge of the Bend real estate market can work to your benefit, whether you’re in the market for a home or considering selling. To learn more about how I can assist you in your transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.