The median sales price of homes in the Bend, Oregon, real estate market declined in February from the month before but was up from the same month a year earlier.
February’s median sales price was $680,000. That’s down 2.5 percent from January’s median and 3.1 percent more than the median in February 2023 ($659,450). Bend’s median price has shown a year-over-year increase for 10 consecutive months. Year-over-year comparisons of sales statistics can provide more insight into market trends than month-to-month comparisons.
Active listings in February numbered 227, more than 8 percent more than we saw in February 2023. February listings declined slightly from January – as is common, in part because February has three fewer days – but exceeded 200 for the second straight year after being fewer than 100 in 2021 and 2022.
February marked the third consecutive month active listings increased on a year-over-year basis, which is a sign of an increasingly flexible housing market. February also continued a streak of months with at least 200 active listings to 22. A threshold of 200 might seem modest, but Bend experienced a run of 11 months with fewer than 200 listings – including three consecutive months of fewer than 100 listings – in the height of the COVID-19 pandemic.
With its increased listings, Bend’s market in February aligned with national trends. Redfin reported that the total number of homes for sale was up 1.7 percent in the four weeks ending March 3.
Inventory in the Bend real estate market in February was 2.0 months, which is the lowest for the Bend real estate market since it was 1.7 in June. Yet the average days on market was 62 days, the most since it was 63 days in July 2020.
Homes priced at more than $1 million made up a bigger share of active listings in February (35 percent) than in January (32 percent) but made up a lower share of sales in February than in the month before.
Whether you’re looking to buy or considering selling your home, whether you’re a longtime Bend resident or new to the area, I am confident I can help you in your real estate endeavors. My experience and knowledge of the market combined with my client-focused, ethical approach can make a positive difference for you. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.