Inventory in the Bend, Oregon, real estate market in December was up relative to the same month in recent years, and the median sales price showed a year-over-year increase of 8.8 percent compared with December 2022.

There were 273 active listings in December. That’s the most for any December since 2019 – the final winter before the COVID-19 pandemic. Moreover, December’s year-over-year increase in active listings reversed a six-month run in which this data point decreased.

A year-over-year comparison of active listings showed an increase for every month from August 2021 through May 2023. This trend would seem to have indicated an emergence from the pandemic-fueled downshifting in market activity. That the trend picked up again in December – usually among the least dynamic months of the year – could portend a revived increase in active listings in the coming months.

Inventory – stated as the amount of time it would require to sell all homes on the market, given the current pace of sales – reached 3.0 months in December. That is the highest since May 2020 (3.2 months), which was immediately before the pandemic had its greatest effect on the Bend, Oregon, real estate market.

Average days on market was 40 days in December – down from 50 days in November – and the average sales price to list price was up from 98 percent to 99 percent.

December’s median sales price of $737,000 was up 3.8 percent from November’s $710,000. The median price represents the eighth month in a row that the year-over-year price in a given month has increased. This eight-month streak to the positive follows a four-month run in which the year-over-year price for a given month had decreased.

The 2023 calendar year ended with 1,554 homes sold in the Bend, Oregon, real estate market. That’s the fewest for a calendar year since 2011 (1,342), when the market was clawing its way out of the Great Recession. The difference between then and now, of course, is that the sales are restricted by a shortage of willing sellers, not a dearth of willing buyers.

If the start of a new year has you thinking about your home ownership situation, I invite you to connect with me. If you’re in the market to buy or considering selling your home, I believe I can assist you in realizing a successful real estate outcome. I bring deep knowledge of the area, experience in all types of markets and an ethical, client-based approach that sets me apart. You can call (541) 362-1031 or visit Bend Property Search to connect through my website.