Active listings in the Bend, Oregon, real estate market in July were at their highest in almost five years. Not surprisingly, the city’s inventory of homes for sale and the median sales price reflected the upswing in available homes.
A 30.5 percent month-over-month increase in active listings in July pushed that data point to 539. It’s the most active listings in one month in Bend since September 2019, when there were 545 active listings. On a year-to-year comparison, active listings were up 44.1 percent in July.
July’s inventory was 3.7 months, meaning that at the current pace of sales, it would take 3.7 months to exhaust the supply of homes on the market. The 3.7 months of inventory is the highest for the Bend, Oregon, real estate market since December 2019 (3.9 months).
July’s inventory figure was the third in succession of 2.8 months or more. There hadn’t been a three-month stretch with that high of an inventory number in Bend since December 2019, which ended a four-month run of inventory of at least 2.8 months.
Bend’s three-month stretch of relatively high inventory might indicate that the current market environment has some staying power and isn’t just an anomaly. (And, of course, we should also point out that six months is the accepted barrier between a buyer’s market and a seller’s market; 3.7 months of inventory is “high” for Bend, not every real estate market.)
The median price of a home in Bend fell from $775,000 in June – the second-highest price on record – to $749,450 in July. The price decline was 3.3 percent on a month-to-month basis and 6.3 percent from a year-to-year perspective.
The decline in year-over-year median price in July was the first such drop since April 2023 (13.1 percent lower than April 2022’s $769,900). July 2024’s median price was 1.7 percent than the median price in Bend at the start of the calendar year.
Homes in what might be described as the “boutique” price tiers made up a smaller share of active listings in Bend compared with the month before. Homes priced at more than $1.2 million made up 37 percent of July’s active listings, about 11 percent fewer than the share that price level held in June.
Sales data for July indicates that despite the surge in active listings, homes priced competitively sold in good order. The average days on the market in July was 33 days – the second-lowest figure for any month this year in Bend. The average sales price to list price was 99 percent.
If you are considering selling your home or are in the market to buy a home in Bend, I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website. I believe I have the professional and personal tools to guide you to a successful real estate outcome. My client-focused approach layered onto my experience and knowledge of the market will combine to bring you the best possible experience.