Median price sets another record in August
In August, for the second month in a row and the fourth time in five months, the median sales price of a home in the Bend, Oregon, real estate market reached an unprecedented level. The median price was $474,950, set in an environment of scarce inventory and rapid sales.
The desirability of owning a home in Bend – from a buyer’s perspective and from an owner’s perspective – beams clearly in the other data from August.
There were 533 active listings in August. That’s about 16 percent fewer active listings than in August of each of the previous two years, and on par with the number in August 2016. In light of the upward trajectory of Bend’s population, the decline in active listings indicates that relatively fewer owners are motivated to give up their home.
Many homes that were on the market didn’t remain for sale for long. The pace of August’s sales produced an inventory of 2.2 months (meaning that all of the homes for sale, given the rate of sales, would be bought in that timeframe), and the average days on market for a home that was sold was 82 days.
For perspective, the inventory of 2.2 months is the lowest in the Bend, Oregon, real estate market since June 2016, and it’s the lowest for any August in our data set (dating to the start of 2007).
The DOM figure of 82 days is the lowest on record and marks the third month in a row that data point was been less than 90 days – a figure not breached until June of this year.
Although the overall sale price-to-list price ratio for August was 98 percent, looking at sales by price presents a more nuanced view. In each of the four price tiers encompassing homes in the range of $325,100 to $725,000, the sales price-to-list price was 99 percent. Homes in the $725,100-and-above level were 96 percent to 98 percent, lowering the figure for the overall Bend, Oregon, real estate market.
The ratio of homes sold to active listings in August was 47 percent, which has been surpassed in an August only one time (2016) for the years we have data. Figures at the end of August indicate September should also be a robust month, as there were 245 pending sales heading into September.
If you’re looking to buy a home in Bend – or if you’re considering selling your Bend home – I believe I can help you realize a successful outcome. I know the market, I know the industry, and I know how to put my clients’ needs first. If you’re searching for an ethical, experienced Realtor, I encourage you to contact me at (541) 383-1426 or to visit Bend Property Search to connect with me through my website.