October prices are second-highest on record
The median price of a home in the Bend, Oregon, real estate market in October was the second-highest on record, trailing only the record set two months prior.
The median of $471,250 was 7.1 percent more than the same figure in September and less than 1 percent below the record of $474,950 seen in August. October’s median also represented an 8.9 percent increase from October 2018.
Three of the last four months have produced median sales figures of $470,000 or more. September’s dip to $440,000 appears to be a temporary lull rather than any swing in momentum in the Bend market.
The rise in median price came amid a tightening inventory among homes that aren’t in the boutique price range. At every price tier of $825,000 or less, the inventory was less than three months. Most people regard six months as the barrier between a buyer’s and a seller’s market, so Bend remains firmly on the buyer’s side of that dividing line when looking at those homes not priced in the high-end tiers.
The year-over-year increase continued a nearly uninterrupted rise in that metric. Except for June – when there was a year-over-year decrease of less than 1 percent – this figure has gone up in the Bend, Oregon, real estate market every month since January 2016.
The average days on the market in October was 122 days. That is the longest time for any October since 2014. And the sales price-to-list price in October was 98 percent, which is down from September’s 99 percent but not uncommon among recent Octobers.
But a few other data points lead us to believe that October wasn’t part of a ramp down to a traditionally slower fall and winter season. Fewer homes were sold at reduced prices in October than in either of the two previous Octobers. As a percentage of homes sold, too, there were fewer with reduced prices in October 2019 (71 percent) than in the previous October (77 percent). The sale price-to-list price ratio in October was 99 percent for the majority of the price tiers, whereas that figure for the previous October reached 97 percent and 98 percent.
Keep in mind that these healthy sales numbers arose during rampant worry and speculation about the overall health of the economy and steady focus on the prime rate. This type of environment can chill a housing market, but in Bend, the demand for homes didn’t let up.
Given all that we don’t know about the economy and all that we can’t accurately predict, it’s vital that you have the right Realtor working for you. I have helped buyers and sellers reach successful real estate conclusions in all kinds of markets. I take your needs and desires and make them priorities as I work for you. I am confident my experience in the market and ethical approach will produce a successful outcome for you. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.