Record median sales price set even as buyers show discipline
The fundamental theme of Economics 101 – supply and demand – was evident in the Bend, Oregon, real estate market in April. The number of homes for sale was near a post-recession low, and the consistent push by buyers to be part of the Bend market continued apace, resulting in a record median sales price of $462,900.
That figure is 4.1 percent more than the month prior and 11.5 percent more than in April 2018, and it’s 3.0 percent higher than the previous record of $449,450, set in June 2018.
The year-over-year increase of 11.5 percent is the largest for any month in Bend since February 2018, when the median price of $410,000 was 15.5 percent higher than in February 2017.
April featured 357 active listings. That is lower than we saw in each of February and March and one more listing than in January. In relative and absolute terms, the number of active listings in April was noteworthy.
2016 was the only other April in our dataset (which dates to the start of 2007) that had fewer active listings than each of the previous two months. Only twice have there been fewer listings in an April than the 357 of 2019: 338 in 2013 and 308 in 2017.
The inventory of homes for sale in April was 2.6 months. That means it would take 2.6 months for all of the homes on the market in April to sell, given the pace of sales. In the price tiers of $525,000 and less, the inventory was no more than 1.4 months. (As a reminder, six months is generally regarded as the border between a seller’s and a buyer’s market.)
Accompanying the signs showing an accelerating market are some data points that indicate buyers aren’t being foolish.
The sales price-to-list price ratio in April was 98 percent. In most months since the housing market began recovering from the recession, the sales price-to-list price has been 99 percent or higher. Moreover, the average days on the market in April was 132 days, the highest for any April since that figure was 136 days in 2014. The totality of the data, then, seems to indicate that competitively priced homes are commanding strong prices while buyers are maintaining discipline with their offers.
Regardless of the direction of the Bend, Oregon, real estate market, buying or selling a home remains among the most important transactions you will make. It’s important to have the right person working for you. Whether you’re in the market to buy or thinking of selling your Bend home, I can bring my experience and ethics to bear on your behalf. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website so we can determine how I can be of help.