The number of active listings in the Bend, Oregon, real estate market rose again in May – by nearly 25 percent from the month before – resulting in the area having its most homes for sale in any May since 2020.
Active listings reached 382 in May, 24 percent more than in April and the most in any month in Bend since October 2022. May’s listings included 262 homes new to the market, the most in any month since June 2022.
Even as listings increased, buyer-side demand led to an increase in the median sales price. That figure rose 5.7 percent, from $714,000 in April to $754,900 in May. The median price in May was the fourth-highest for any month on record in Bend.
The median sales price rose 1 percent on a year-over-year basis. Year-over-year comparisons generally provide a less noisy picture of a real estate market’s trend; for Bend, the year-over-year median price has risen in each of the last 13 months.
Though there were more homes for sale in May than in recent months and fewer sales (130) than in April (164), sellers were able to remain firm on their prices. The average sales price to list price was 100 percent. That threshold was reached (and breached) regularly for two years after the onset of the pandemic, but – until May – it hadn’t been reached since July 2023.
As would be expected with the increased listings, inventory rose in May, from 1.9 months in April to 2.9 months. It hadn’t been that high for a May since 2020, when it was 3.2 months. The Bend, Oregon, real estate market’s overall inventory was influenced by homes priced at $1.325 million and more. Inventory in those price tiers exceeded 10 months in May.
The increase in active listings in May was accompanied by declines in sales (130 in May) and end-of-month pending sales (171). Those two figures are the lowest for any May since 2011, when the market still felt the effects of the Great Recession.
The transition from spring to summer often includes an uptick in real estate activity, which this year might have started a month early with the jump in active listings. If you’re in the market to buy a home or considering selling your current residence, I would like to be of assistance. My experience, ethics and knowledge of the Bend market will help make for a successful outcome for you. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.