The forces of demand in June’s Bend, Oregon, real estate market appeared to outweigh the forces of supply.
Despite active listings reaching a level not seen in almost two years, the median sales price rose – to its second-highest amount on record in Bend.
There were 413 active listings in June, the most in any month since the 419 of September 2022. The 413 homes listed in Bend were the most for any June – traditionally an on-ramp to the busiest real estate season each year – since there were 491 listings in June 2019.
The buyer-side demand for homes in Bend, however, continued in the face of the increased listings. The average sales price to list price was 100 percent for the second month in a row (the first such streak for Bend homes in more than a year). The average days on market fell 26 percent, from 38 days to 28 days. Inventory (the time it would take to sell all homes on the market at the current pace of sales) went from 2.9 months to 2.8.
June’s median price in Bend was $775,000, the second-highest on record to the $799,950 of July 2023.
On a year-to-year basis, June’s median price rose 0.6 percent, and on a month-to-month basis, the median price showed a 2.6 percent increase.
The year-over-year median price in the Bend, Oregon, real estate market has risen for each of the last 14 months. June’s increase, however, was the smallest bump in this data point in this 14-month period.
Of June’s 147 home sales in Bend, 26 were of homes priced at more than $1.425 million. The 17.7 percent of a given month’s sales at that price are the most in the eight months our data has been sliced to include this price tier.
It’s worth remembering that the median sales price shows the figure at which half the sales were for less and half the sales were for more. Unlike an average sales price, the median isn’t affected by outlying prices.
The biggest component of June’s sales were homes in the $525,000-to-$625,000 range. There were 31 homes sold in Bend in this price tier, 21.1 percent of all sales in June. The average sales price to list price for this range was 100.4 percent. June ended with 32 pending sales in this range, the most of any price tier.
My knowledge of the Bend, Oregon, real estate market extends beyond numbers and hard data. My years in the industry have given me a feel for our city and its neighborhoods, experience that comes only with a commitment to my profession and clients. Buying or selling a home is among the most important – and stressful – things we do in our lives, and I’d like to make your experience a successful one. If you’re in the market to buy or considering selling your current residence, I would like to be of assistance. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.