Median price near all-time high in January
Winter is often regarded as a soft season for home sales, but that wasn’t the case for the Bend, Oregon, real estate market in January. The month ended with a median sales price of $448,500.
Here is some context about that sales price:
• It’s the second-highest on record for any month in the Bend market
• It’s within one-fourth of 1 percent of the highest on record ($449,450 from June 2018)
• It’s an increase of 5.4 percent from the month prior
• It’s up 10.1 percent year over year from January 2018’s $407,450.
What can the January median price tell us about the rest of the calendar year? In each of the last three years and in six of the last seven, the January median price ended up as either the lowest or second-lowest monthly median price in that calendar year.
The exception to the trend in the preceding paragraph came in 2015. January’s median price that year was $329,700, and 2015 ended with a year-to-date median of $327,500.
January was also characterized by a relative scarcity of homes for sale. The 356 active listings were the fewest for any January in our data set except 2013 (this disregards January 2017, when we experienced once-in-a-generation snowfall that put a wet blanket on the market).
Sales activity in general was relatively slow. January’s inventory was 4.6 months, which – although down from 5.1 months in January 2018 – was more than in any January in the previous three years. The 125 homes that were sold in January were the fewest in any month since February 2016 (also 125 sales) — fewer even than during January 2017. Finally, January ended with 159 pending sales, fewer than in any January during the previous four years.
Still, it’s worth noting that January’s average days on the market was 137 – the fewest days for any January on record. That shows that even in a supposedly sleepy time for the market, competitively priced homes attracted buyers.
Despite abundant news that might seem to have a dampening effect on the real estate market – interest rates that have risen from historic lows, uncertainty over the trajectory of the U.S. economy, potentially another government shutdown – data from the Bend, Oregon, real estate market shows that the demand for housing here continues unabated. I have experienced the gamut of real estate cycles – from the lows to the highs – and I can use the experience I’ve gained to help you in your real estate transaction. Whether you’re in the market for a home or considering selling your residence, I invite you to contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website.