March median sales price sets record
March marked the fourth month in a row of increases in the median sales price of a home in Bend, Oregon. The figure of $421,950 wasn’t just another increase, though: It’s the highest for any month in the 11-plus years for which the Skjersaa Group has data.
The $421,950 surpasses the previous record of $416,500, set in September 2017. That milestone was followed by two months of declines, which were then followed by four months of successive increases, culminating in March’s new standard.
Our current four-month run of increases in median prices has been exceeded twice in the last 11 years: a run of five months of increases ending in September 2015 and a six-month streak ending in May 2012.
Although some data points indicate the upward trend in the median sales price might be moderating, pending sales are growing (as we would expect), and this is a good barometer for market health and activity. The 255 pending sales at the end of March are the most for any month in Bend since there were 259 at the end of June 2017.
Returning the median sales price, the March figure was 2.9 percent more than the month before and 6.8 percent more than March 2017. That 6.8 percent year-over-year increase was the lowest for a March since 2014 to 2015.
Homes for sale with reduced prices as a percentage of homes sold was 46 percent in March. That figure was 27 percent in March of each of the previous two years.
The average days on the market in March (148 days) was the highest for any March since 2012 – before the recovery in the Bend, Oregon, real estate market truly hit stride.
March’s inventory of 2.5 months was higher than that of the previous two years for the same month. (As a reminder, the inventory of homes is the length of time it would take to sell all of the homes on the market given the current rate of sales activity.)
Looking at inventory based on price tier, the inventory of homes priced $725,100 to $825,000 was 2.5 months in March. Two months earlier, inventory for that tier was 15.5 months. The removal of homes in that tier from the market no doubt had an effect on the median sales price of a home in Bend, Oregon.
Regardless of what the market does from here – a consolidation after four months of increases or a continuation of higher prices – I can help you realize a successful real estate solution. My experience in the Bend, Oregon, real estate market, in all market conditions, and my ethics will come to bear on your behalf. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website.