Real estate activity and median price pick up in May
After a few months of relatively tepid activity in the Bend, Oregon, real estate market, things ramped up to a considerable degree in May. The number of homes new to the market was a high for any month in our data set, and the median sales price broke the record established one month prior.
Four hundred eight homes entered the market in May. Not only was that more than in any other month dating to at least the start of 2007, but it was also 14 percent higher than the previous high for homes entering the market – achieved in May 2018 (358 new homes).
The number of homes sold reached 232 in May, which was the most for that month since 243 homes were sold in May 2016. The number of homes with a reduced price in May was 124, more than twice the number in the previous month.
The resurgence in homes entering the market in May came after a notably slow first quarter of the calendar year. From January through March, a total of 534 homes came onto the Bend, Oregon, real estate market. That was the fewest for that three-month stretch of any year since 2012 – when the housing market was early in its recovery and a total of 450 houses came to the Bend market in January, February and March.
The median sales price in May 2019 was $466,000, which is 0.7 percent ($3,100) more than the then-record median price in April. May’s price represents a 12.3 percent year-over-year increase, however – the largest year-over-year increase for any month since February 2018.
The inventory of homes in May fell slightly from April to 2.5 months. That’s the lowest inventory since June 2018 (2.4 months), indicating that even with the increase in inventory in May, this remains a seller’s market. May’s inventory for homes in the price tiers of $625,000 and less was even lower than the overall number, with no price tier in that range having an inventory of more than 1.8 months. (Six months of inventory is usually regarded as the dividing line between a buyer’s and a seller’s market.)
May ended with 277 pending sales, the most pending sales at the end of any May since 2015 (310). That’s an indication that the momentum in activity that we have seen in the Bend, Oregon, real estate market appears to have some legs.
In a market with so much going on, having the right Realtor on your side can make all the difference in your real estate experience. Whether you’re in the market to buy or are considering selling your home, I can be of help. I will bring experience, commitment and an ethical approach to my profession to bear on your behalf. I encourage you to contact me at (541) 383-1426 or to visit Bend Property Search to connect with me through my website. I would love to help you navigate your way through your real estate experience.