After records, median price drops in September
The median price of a home in the Bend, Oregon, real estate market dipped in September off August’s record high, but the year-to-year median continued its nearly uninterrupted climb in a month that featured slightly more activity than in recent Septembers.
September’s median price was $440,000. That’s 7.4 percent less than August’s $474,950, and the second-lowest monthly median price this calendar year, ahead of February’s $430,000.
It’s not unusual for the median price to decline on a month-to-month basis; there were six such month-to-month declines in 2018, for example. The amount of the decline we saw in September, though, was rare. That 7.4 percent drop was the largest in the Bend, Oregon, real estate market since February 2015, when there was a 12.1 percent decline from the month prior.
Comparing median sales prices from one month to the same month in the previous year provides a less volatile measure of the trajectory of a market than a month-to-month comparison. September’s median price was 3.5 percent more than the same data point in September 2018, when the median price was $425,000.
In fact, in the last 44 months, only once has Bend seen a year-over-year decline in the monthly median price. That occurred this June, when the median of $445,050 came in lower – by 1 percent – than June 2018’s $449,450.
It’s worth noting that since the start of 2012, the year-over-year median sales price for a given month has declined exactly four times: June 2019, January 2016, September 2014 and March 2014.
September’s other data points show a market that generally reflected what has happened in recent years with the additional characteristic of having slightly higher buyer-side demand.
There were 212 homes sold in September, compared with an average of 199 over the previous seven years.
The average days on market for a home that sold in September was 103 days, the lowest for any September for which we have data (dating to the start of 2007). The day-on-market number in September was lower than the overall market average in every price tier of $825,000 or less.
The pace of sales in September produced an inventory of 3.4 months, which means that it would take that long to sell all of the homes on the market given the pace of sales that month. That is the lowest inventory for a September on record except for 2015 (3.3 months) and 2016 (2.4 months).
As might be expected, there was a greater inventory at the higher end of the market, as all but one price tier of $825,000 or less had an inventory of 3.2 months or less. This shows that demand for homes that are in the crosshairs of the majority of homebuyers is as about as strong as it has been over the last 11-plus years.
All of these figures show that Bend continues to be a desirable place to own a home. That’s good to know, whether you’re looking to buy or considering selling your home. I’d be happy to help you on your real estate journey. I am confident my client-focused approach, combined with my experience in the market and ethical approach, will produce a successful outcome. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.