The median sales price of a home in the Bend, Oregon, real estate market rose $80,000 from February to March even as the pace of home sales slowed slightly from the month before.
March’s median price of $760,000 represents an 11.8 percent increase on a month-to-month and year-over-year basis. At $760,000, March’s median price is the seventh-highest in Bend’s history and the highest since the record of $799,950 was reached in July 2023.
Looking at 2013 to the present – the years after the Great Recession – March’s 11.8 percent month-to-month increase is the seventh-highest. In these last 12 calendar years, there have been 11 months showing a month-to-month increase of at least 10 percent; perhaps of note (or perhaps only of trivial interest), four of those 11 increases have come in the third month of the year.
In the recent past, sharp surges in the median sales prices have been followed by a plateauing. For example, after a 12.7 percent increase from January to February 2022, the price declined 0.4 percent ($3,000) from February to March. Last year’s 11.7 percent increase from April to May was followed by increases of 3.0 percent and 3.9 percent the next two months.
The year-over-year increase was the first jump by a double-digit percentage since September 2022. That was the last of a 27-month run of 10-plus-percent increases in the year-over-year median sales price. That 27-month run, of course, was characterized by the COVID-19 pandemic. March 2024’s market seems to have evolved more organically.
We have often said that the year-over-year trajectory in median sales price is a more accurate indicator of the market’s direction and durability than month-over-month data. March’s increase was the 11th in a row in year-over-year median price, a streak that has followed a rare four-month stretch of declines.
March’s price increase came when the average days on the market were 68. That is the highest figure for that data point since February 2020 – immediately before the effects of the pandemic began to take hold. And this data point was higher in March than in the preceding month for the first time since 2019.
Inventory in March (2.4 months) was also higher than in February (2.0) and the highest for any March since 2019. This was the first time in the 18 years for which we have data that the inventory in March was higher than in February – a surprise given activity tends to increase as we put distance on the turn of the calendar.
When the median price rises, it’s not terribly insightful to note that higher-priced homes held an increased share of sales. Still, in March, listings of more than $1 million made up 21 percent of sales, compared with 17 percent in January and 15 percent in February.
Looking ahead, listings of $1 million or more made up 38 percent of the homes new to market in March. In January, this figure was 21 percent; in February, 26 percent.
If 2024 follows form, activity in the Bend, Oregon, real estate market should increase as we head toward summer. If you’re looking to buy, your selection of homes to consider should increase. If you’re considering selling, the number of possible buyers should grow. Whether you’re buying or thinking about selling, I believe I can be of service. My knowledge of the market covers much more than just sales statistics and data. I can bring my experience and ethical approach to bear on your behalf. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.