Home buyers continued to have more robust inventory to choose from in the Bend, Oregon, real estate market in August. Active listings were at their highest in more than five years, and inventory exceeded three months for the second month in a row.
Those factors – and others – are apparent contributors to a drop in the median sales price of 5.8 percent from July’s figure.
There were 552 active listings in August, 2 percent more than in July and the most since there were 560 in July 2019. July and August combined for 1,091 active listings, compared with 728 in those two months in 2023.
An increase in active listings in Bend was reflected in other data categories. The average-days-on-market figure was 42 days, the highest for any August since 2020 and 50 percent higher than it was two months ago.
Bend’s real estate market, at 3.5 months of inventory in August, exceeded three months, as it did in July. Bend hadn’t had back-to-back months with an inventory of at least three months since November and December 2019.
The median sales price in August was $706,075, compared with $749,450 in July. Since Bend’s median sales price reached $775,000 in June, it has had two months of declines totaling 8.9 percent.
On a year-to-year basis, the median price in Bend fell 4.4 percent from August 2023’s $738,389. The median price fell for the second month in a row, something that hadn’t happened since March and April 2023 (ending a four-month string of year-over-year declines in the median price).
Not to state the obvious, but fewer homes in the “boutique” price tiers sold in August (fewer were listed, also). In July, homes priced at more than $1 million made up 26 percent of sales in the Bend real estate market. In August, it was 21 percent.
Another factor in the Bend, Oregon, real estate market might be mortgage rates. In early September, average rates on 30-year mortgages dropped to their lowest level in almost 17 months. It’s reasonable to assume that home buyers in the more modest price tiers might be more rate-sensitive. If more such buyers are buying than earlier this year, we might have another factor in the drop in median prices.
Whatever the mortgage rates and whatever the time of year, I am confident I can help you achieve a successful real estate experience. I have assisted clients in all types of environments. I have a deep knowledge of the Bend market. If you are considering selling your home or are in the market to buy, I invite you to call (541) 362-1031 or visit Bend Property Searchto connect through my website.