Bend median sales price sets record in June
Even as interest rates on mortgages have risen, the demand for homes in the Bend, Oregon, real estate market continues apace. In June, the median sales price of a Bend home was $449,450.
Not only is that a record median sales price for the 11-plus years for which we have data (and probably a record for the history of Bend), but it also is 6.5 percent greater than the previous high-water mark: $421,950, set in March 2018.
The $400,000 threshold was first broken in June 2017, when the median sales price in Bend climbed to $409,000. One year later, the median price has climbed 9.9 percent and is within sight of $450,000.
June’s median sales price was 8.3 percent higher than the previous month’s. Only one time in the previous three years have we seen so big of a month-to-month increase.
That came in March 2017, when the $395,000 median price was 11.3 percent higher than that from the month before. The weather during the winter of 2017 might have had an effect on the Bend, Oregon, real estate market, and when the snow melted, pent-up demand might have factored into that increase.
Returning to June 2018, 260 homes were sold from among 522 active listings. Both data points are the second-highest for any June in the 11-plus years for which the Skjersaa Group has data.
The average days on the market in June was 91 days – as it was in June 2017 – but the inventory in June 2018 was 2.4 months, compared with 3.3 months for the previous June.
Diving deeper into properties based on price tiers, the inventory in every price range of $825,000 or less was less than three months. When six months’ inventory is considered the demarcation between a buyer’s and a seller’s market, we can see that for the vast majority of properties, it’s a seller’s market in Bend.
The average sales price to list price throughout the Bend, Oregon, real estate market in June was 99 percent. In three price tiers — $325,100 to $425,000, $625,100 to $725,000 and $825,100 to $925,000 – that ratio was 100 percent.
The 522 active listings at the end of June are the most for any June since 2014, when there were 567 active listings. There were 256 pending sales at the end of the month, the fewest also since 2014, when there were 235.
I have witnessed the ups and downs of the Bend, Oregon, real estate market, and that experience makes me confident I can give you a successful outcome when it comes to your home. If you’re in the market to buy or thinking about selling, my knowledge of the market and my ethical approach to the business 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.