The median sales price of a home in Bend, Oregon, continued to climb in February, and benchmark data points surpassed previous highs for any February dating to 2007. If the pattern from previous years holds in 2018, we have not seen a peak in the real estate market.
February’s median sales price was $410,000. That’s marginally higher – by 0.6 percent – than January’s median sales figure. The $410,000 is 15.5 percent higher than February 2017’s median sales price, but remember the weather we had last February when evaluating the significance of that increase.
In absolute terms, February’s median sales price stands out: In the 11-plus years for which the Skjersaa Group has data, February 2018 ranks as the fourth-highest month for median sales price.
The most illuminating way to evaluate February 2018’s sales figures, though, might be to compare them to the same data points from the same month in previous years. Looking at the numbers that way, we see convincing evidence that the Bend real estate market is still on an upward slope.
Dating to 2012 – about when the housing market began to recover – February has traditionally experienced among the lowest median sales prices of any month of a given year. In fact, in that time, February has been no higher than the third-lowest month in a given year for median price.
Based on that history, we would expect the market to increase even more this calendar year.
Want more evidence about the health of the market?
- This February, the average sales price-to-list price ratio was 99 percent. In the Skjersaa Group’s data set, the average sales price-to-list price ratio for February over the preceding 11 years was 97 percent.
The average days on the market for February was 134. That matches the lowest for any February (2013) dating to 2007.
One hundred sixty-two homes were sold in Feburary, the most for any February in the Skjersaa Group’s data set.
We often look at the inventory of homes on the market to help gauge whether it’s a seller’s or a buyer’s market. Inventory is the amount of time it would take to sell all of the homes on the market, given the current pace of sales.
Six months is frequently used as the dividing line between a seller’s and a buyer’s market. In February, the inventory was 2.8 months. That’s down from 5.1 months in January 2018 and the second-lowest for any February dating to 2007, behind February 2017. (Again, remember the conditions we had in February 2017 – not exactly conducive to listing a home.)
Diving deeper into the inventory numbers, we see that the price tiers at $825,100 and more had an inventory of at least 4.3 months. That indicates that homes priced below that absolute high end were moving quickly.
Whether you’re buying a home in Bend or thinking of selling, the current real estate environment can be challenging. With my client-focused, ethical approach to business, complementing my experience in the Bend, Oregon, real estate market, I can assure you that you will be satisfied with your outcome. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website.