Relatively speaking, few listings but plenty of sales in December
Sellers tended to stand firm on the prices of their homes in the Bend, Oregon, real estate market in December, but the number of transactions recorded was above normal for that month.
Of the 363 active listings in December, 33 had reduced prices. That 9 percent figure is the lowest reduced-to-active percentage in any month since December 2013 and the third-lowest for the 13 years that the Skjersaa Group has data.
December’s listings were the fewest in any December since 2012, but the 206 sales in December 2019 were the most in that month since 2015. There were 214 sales in December 2015 and 461 active listings – 27 percent more than in December 2019.
December’s median price was $439,995. That’s a 3 percent increase in the year-over-year median and 2 percent more than the month before. For the entirety of 2019, the median end-of-year price was $450,000, which reflects five months when the monthly median was at least $460,000.
Data seems to indicate that buyers recognized that the supply of homes in December was relatively tight. The average days on market in December was 113. Although that is three days more than in December 2018, it is otherwise the fewest for any December on record.
The numbers above might seem to belie the overall inventory of 3.9 months. The commonly accepted frontier between a buyer’s market and a seller’s market is six months, but 3.9 months is relatively high for a December in the Bend, Oregon, real estate market.
As usual, however, the marketwide inventory was affected by the glut of listings in the most expensive price tier. At $925,100 and above, there were 82 active listings and five sales in December for an inventory of 16.4 months. In every other price tier, the inventory was four months or less, including less than two months in the $425,100-$525,000 and $525,100-$625,000 tiers.
We can again say confidently that in the price ranges drawing a large cross section of buyers, Bend remains firmly a seller’s market.
December ended with 127 pending sales. That’s the fewest for any December since 2014 (when there were 112). The snow the Bend, Oregon, real estate market received in mid-January might further dampen the activity in January, already a traditionally slow month.
As important as a real estate transaction is – regardless of the time of year – you will want to have a Realtor who puts your needs and desires first. I am confident that I can produce a successful outcome for you in your real estate journey. I bring uncompromising ethics and deep knowledge of the Bend, Oregon, real estate market to bear on your behalf. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.