Median price rises as inventory shrinks
A record-low inventory of homes for sale and a year-to-date high in the median sales price characterized the Bend, Oregon, real estate market in June as things continued to kick back into gear. What’s more, the month ended with the most pending sales on record, promising that July will continue the momentum.
The median sales price in June was $463,000. That figure is the highest since last October, when the median price was $471,250.
June’s median price represents a 4.0 percent increase from June 2019 and a 3.0 percent rise from May 2020. The year-over-year increase is the highest since Oregon began shutting down in the face of the COVID-19 pandemic, and the month-over-month increase is the most since last October.
June’s sales ramped up even as active listings declined. There were 225 homes sold in June, up from 145 the month previous and the most in the Bend, Oregon, market since August 2019 (252 homes sold). June’s 225 sales came from 363 active listings – the fewest active listings of any month since the onset of virus-fighting measures.
Net changes in list prices in June, factoring in decreases and increases, were minus-2.02 percent in June. That was the lowest since February 2014 (1.99 percent) and was the 11th consecutive month that that figure has decreased. Even during the pandemic, we can see that sales prices in Bend have not flagged.
Given the above information, it shouldn’t be surprising that the inventory of homes for sale decreased from May. In fact, June’s inventory of 1.6 months was the lowest in our data set, which dates to the start of 2007.
In the face of increasing cases of COVID-19, there continues to be angst about the durability of the housing market and a possible tipping point for homeowners’ ability to make their payments. The numbers from Bend, Oregon, at least, show that “panic selling” hasn’t taken root.
Like much of the rest of our day-to-day lives, the real estate market is chugging back toward normal. Summertime is usually the busiest time of the year, based on sales volume, and figures from June indicate that probably will be the same this year. If you’re in the market to buy or considering selling your home, I am confident I can help you realize a successful outcome. I have a deep and broad knowledge of the market – not just the numbers but a feel for the area produced from years of experience. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.