The selection of homes to choose from for potential buyers in the Bend, Oregon, real estate market continued its best run in five years in September.
There were 511 active listings in Bend in September. The area’s active listings have exceeded 500 in each of the last three months. The Bend market hadn’t had three successive months of 500 or more active listings since August through October 2019.
In spite of the relatively abundant supply of homes, the median sales price in Bend rose 1.3 percent from August’s median to $715,000. On a year-over-year basis, the median sales price in September was 4.7 percent less (it was $750,000 in September 2023).
The composition of the homes for sale in September resembled that in August. Homes priced at more than $1 million made up 36.8 percent of the listings and 21.5 percent of the sales in Bend, compared to 37.5 percent and 21.2 percent in August.
Inventory in the Bend, Oregon, real estate market was 3.4 months in September, the third straight month it has been at least three months. We hadn’t seen a three-month run with three months of inventory since the end of 2019.
In each of the last two months, inventory of homes in the $1 million-to-$1.3 million price tiers was – perhaps surprisingly – lower than the inventory in the $925,000-to-$1 million tier.
The average days on market in September was 54. That data point has risen each of the last three months and was its highest for any September since 2015 (when it was 59 days). Yet sellers were able to stand firm on price: The average sales price to list price in Bend remained at least 99 percent in September for the sixth month in a row.
Each month, we see more and more data that indicates the Bend, Oregon, real estate market is much closer to what it was “before times” – meaning, before the COVID-19 pandemic. Before February 2020, Bend established itself as among the most desirable places in the United States to live and own a home. After the pandemic, that remains the same – as does the dynamism in the Bend market, regardless of the time of year. If you are considering selling your home or are in the market to buy, I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.