The traditionally slow start to the calendar year in the Bend, Oregon, real estate market emerged again in 2024. Active listings decreased from the month prior – as they have in January in each of the previous 14 years – as the seasonal nature of real estate activity took hold.
January 2024 had 233 active listings, down from 273 in December 2023. Still, there were more listings this January than in the previous January (220). This was the second month in a row there was a year-over-year increase in active listings – a signal of a more lively market – after a six-month stretch in which this data point decreased.
Home sales were nearly equal between December (92) and January (90), and the inventory dropped from 3.0 months in December to 2.6 months in January. The 2.6-month inventory matches the low for any January – excluding pandemic-affected 2021 and 2022 – in our data set, which dates to the start of 2007. Similarly, the 52-day average on market is the low for any January outside of 2021 and 2022.
The median sales price in January dropped 5.4 percent from December, from $737,000 to $697,233. The median price had been at least $700,000 for the previous eight months, when the figure rose from $669,100 in April 2023 to $747,500 in May.
The 5.4 percent month-over-month decrease in median sales price is the biggest drop in the Bend, Oregon, real estate market since August 2023, when that data point fell 7.7 percent.
On a year-over-year basis, the median sale price again increased. January 2024’s median was 1.8 percent more than that figure in January 2023 ($684,950). January was the ninth month in succession the year-over-year median price – which can show a more meaningful trend than month-to-month numbers – has increased.
A prominent change in the homes on the market between January 2023 and a year later was the percentage of homes priced at more than $925,000. A year ago, homes in that range made up 28 percent of the homes for sale. In January 2024, it was 40 percent. In fact, 21 percent of the homes for sale in January 2024 were priced at more than $1.425 million.
Not surprisingly, the inventory of homes priced at more than $925,000 skewed the inventory for the entire Bend, Oregon, real estate market upward. For each price tier from $525,100 to $825,000, the inventory in January was less than the market-wide 3.0 months, compared with an inventory of 4.9 months for homes priced more than $925,000.
Although real estate activity this time of year is slower than during the summer, that doesn’t mean it can’t be the “right” time to be in the market. Those in the market in winter are likely to be more earnest and determined to make a transaction than buyers and sellers at other times of the year. Whether you’re looking to buy or considering selling your home, I am confident my experience and knowledge of the market can help produce a successful outcome. You can call (541) 362-1031 or visit Bend Property Search to connect through my website.