Median price in Bend rises slightly as year comes to close
A record-breaking year for real estate in Bend, Oregon, ended with higher prices in December than the month before.
December’s median sales price was $394,535, an increase of 1.2 percent from $390,000 in November. The inventory of homes for sale and average days on the market also reflected a slight tilt toward sellers, the two figures decreasing slightly from November.
Since the housing market started rebounding a few years ago, the November-to-December changes in data haven’t behaved consistently. For example, in the last six Decembers, the median price of homes was higher than the month prior three times, and it was lower than the month prior three times. The average days on the market over the last six Decembers has shown a month-to-month increase three times and a month-to-month decrease three times.
So, it’s difficult to try to draw any conclusions and make meaningful generalizations from the statistics from previous years. But here’s what we can tell you about December 2017:
1) December’s median price was 95 percent of calendar-year 2017’s highest median monthly sales price (that occurred in September, when the figure was $416,500). This year’s ratio of the December median price to the calendar-year maximum median price is the highest in the last five years (encompassing the period when the market got back on its feet).
Granted, trying to superimpose monthly divisions onto the behavior of the real estate market might not be an intellectually sound exercise. But the point is, if you accept that the prices in December – never the most active time of the year – are a sort of support point for the following calendar year, the prospects appear good that the Bend market will continue to experience appreciation in home values.
2) The year-over-year increase in the median price in December was 11.3 percent, the second-biggest year-over-year increase in December in the last five years.
3) The end-of-year median sales price for a home in Bend, Oregon, was $399,000 – the highest end-of-year figure for the 11 years for which the Skjersaa Group has data. Consider also that although December’s median price fell relative to the late-summer high of $416,500, December’s figure is less than $2,000 from what was the record monthly median sales figure before 2017 ($396,250 in May 2007).
In other words, there are a lot of signs that homes in Bend remain in high demand and will sell when priced appropriately. Wherever you are in the real estate process – considering selling your home or looking to buy – I can be of assistance. My experience, ethics and insight into the Bend market will come to bear as I work toward the best possible outcome for you. Please contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.