Bend sees a rebound in volume and price in March
A considerable month-over-month increase in homes sold in March was accompanied by an increase in the median sales price, and those were only two of the data points providing evidence that the Bend, Oregon, real estate market remains attractive to buyers and in an overall robust state.
The median sales price in March was $444,900. It’s the third-highest median price for our data set (which dates to January 2007). March’s median was 3.47 percent more than in the month prior and 5.44 percent more than in March 2018 — when a then-record for median price was set.
March ended with 149 homes sold in that month, compared with 108 in February. That 38 percent increase in sales is the largest month-over-month increase in sales volume since 2016 (when there was a 48 percent increase from February to March). It’s conceivable, given March’s numbers, that the slowdown we saw in February was attributable to the record-setting snowfall.
Another piece of data from March showing a healthy real estate environment is the average days on market of 106 days. That is the lowest for any March in our data set – by 23 days.
When the market is parsed by price, one can see more precisely how high the demand is for homes that are in the buying range of many prospective homeowners. For homes priced from $225,100 to $525,000, 110 homes came to market in March; in that same time, 108 homes in that price range sold.
March’s inventory – the amount of time it would take to sell all of the homes on the market given the pace of sales – for the market as a whole was 3.4 months. But for homes priced $525,000 and less, the inventory was 1.5 months.
For all of the numbers showing how the Bend, Oregon, real estate market is powering along, there are other data points indicating that the upward slope of the market’s trajectory might be tapering.
March’s year-over-year increase in median sales price was the lowest for any March since 2014, when there was a 1.85 percent decrease from the year before.
One hundred eighty-seven homes were new to the market in March. That’s the second-fewest for any March in our data set, behind the 185 in March 2012. Given the increase in population in Bend since 2012, it’s justifiable to call the 187 homes that came to market last month the fewest, on a population-adjusted basis, of any March in our data set.
As we mentioned last month, a muffling of new homes coming to market can lead to a braking mechanism in terms of sales volume and appreciation.
Even the inventory, relatively speaking, could be taken as a yellow light. On the overall spectrum, 3.4 months of inventory signals that Bend remains a buyer’s market (six months is usually regarded as the dividing line between a buyer’s and a seller’s market). But 3.4 months is the highest inventory figure for any March since 2014, when it was 5.4 months.
There is more to the real estate market, of course, than sheer numbers. That is among the reasons I can be of help to you. My ethical approach to my profession coupled with my knowledge of the Bend, Oregon, market provide me with nuanced expertise that will help you in your real estate journey. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website. I can be of help whether you’re considering selling your home or you’re in the market for a new place to live.