A rarity in November: median sales price was up
Sales activity in the Bend, Oregon, residential real estate market slowed in November compared with the several months prior, but the demand for homes in the area still produced a very slight increase in the median sales price from the previous month.
November’s median price of $433,133 was $233 – or 0.05 percent – more than the same data point in October. An increase of $233 isn’t much, but any month-over-month increase in November is rare: This November is the third time in 12 years that the median sales price was higher than the month before.
November 2018’s median price showed an 11.1 percent year-over-year increase. It also is the third-highest median sales price on record.
Nationwide, real estate observers have cited rising interest rates and the effect of appreciating home values on first-time buyers as causes of a slowdown in market activity. Bend has not been immune to a downshift.
There were 457 active listings in November, the fewest for any November since 2012, when there were 350.
But what listings there were drew buyers. November had an average days on market of 112 days, the lowest for any November in the 12 years for which the Skjersaa Group has data.
The inventory of homes for sale – defined as the amount of time it would take to sell all of the homes now on the market, given the current pace of sales – was 4.7 months in November. That is in the same range of the inventories in recent Novembers, but the raw number doesn’t tell the entire story.
Looked at in price tiers, the inventory of homes in what might loosely be called the mainstream price ranges is generally considerably lower than the overall figure. Of the six price tiers at $825,000 or less, five had an inventory of 2.7 months or less. Six months is generally regarded as the dividing line between a buyer’s and a seller’s market, so we can see that the heart of the Bend, Oregon, real estate environment remains a seller’s market.
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