Activity slows in November; median price down
Relatively few homes were active on the Bend, Oregon, real estate market in November, resulting in a fewer-than-normal number of sales. The market in November also experienced declines in the median sales price on a month-to-month and year-to-year basis.
One hundred sixty-seven homes were sold in November. That’s the fewest in a November since 2015 (141 sold). There were 433 homes on the market, the fewest in a November since 2012 (350). Far more homes were sold than had their asking prices reduced (77), however, showing that sellers remained confident in the value of their homes.
The median price of a home sold in November was $431,000. That’s the lowest median price since February’s $430,000. November’s price was also less than in the same month the year before, when the median was $433,133.
The year-over-year decline – of 0.7 percent – was a rarity for the Bend market. Dating to the start of 2012, the year-over-year median sales price for a given month has declined five times: November 2019, June 2019, January 2016, September 2014 and March 2014.
Much like in November, the year-over-year decline experienced in June 2019 was 1 percent or less. And, of course, the overall trajectory of the median price has continued to rise despite these rare anomalies.
The inventory of homes for sale in November was 3.1 months. (Inventory represents the time it would take to sell all of the homes on the market given the current pace of sales.) That’s almost an unheard-of low number for November; 2.3 months in 2016 is the only other November on record with less than 4 ½ months of inventory.
And, as always, we point out that the inventory is skewed by homes for sale in the exclusive upper price ranges. For homes in the price range of $525,100 to $625,000, the inventory in November was 1.7 months.
December could be a relatively slow month, as well. As the month began, the price tier with the most active listings was the $925,000-and-above range, which already had the highest inventory of homes available. Seasonal influences will also weigh on December’s activity, as they always do.
There is a lot to be excited about in the Bend real estate market, with new developments in progress and an active buying-and-selling environment. If you’re considering selling your home or in the market for one, I’m confident I can help you realize a successful outcome. I pride myself on my ethics, my experience and my knowledge of the market. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.