Median sales price rises in October
The median sales price of a home in Bend, Oregon, rose in October, stopping a three-month run of declines. October’s figure was $432,900, 1.9 percent more than the previous month’s median sales price and 7.1 percent more than that of October 2017.
An increase in median sales price and other data points from October seem to indicate the recent drop in median prices was a natural plateauing of the market. After all, before this recent three-month slip, the median price in Bend reached a record $449,450.
The inventory of homes for sale in October was 3.2 months. That is the lowest inventory for any October dating to at least 2007, the extent of the data set compiled by the Skjersaa Group. And, as we’ve emphasized repeatedly, the inventory of homes in the price range of most potential buyers continues to be tighter than the overall inventory. For any price tier of $625,000 or less, the maximum inventory in October was 2.7 months.
Also, the increase in the month-over-month median price reversed a recent seasonal trend. October’s increase followed month-over-month declines in each of the three previous Octobers.
One piece of data possibly offsetting the other numbers is the size of the year-over-year change in October’s median sales price. The 7.1 percent increase we saw from October 2017 to October 2018 is the lowest year-over-year increase for any October dating to 2012, which roughly corresponds to the recovery of the housing market.
The average sales price to list price in October was 98 percent. That is the only month this calendar year in which that figure was not 99 percent. Looking at past Octobers, however, October 2018’s 98 percent sales price-to-list price ratio is higher than the overall average dating to 2007.
Some numbers from October indicate that overall market activity might slow in November. October ended with 189 pending sales, the fewest for an October since 2013 (when there were 180), and 156 new listings, the fewest for an October since 2012 (144).
The late fall and winter traditionally are slower times in the real estate market. But that can make it an ideal time for you to be in the market – whether you’re looking to buy or considering selling your home. Let me bring my experience to bear for you. My knowledge of the market and my ethical, professional approach to the industry will produce an outcome that exceeds your expectations. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website.