Active listings in the Bend, Oregon, residential real estate market crested 300 in April, the earliest in the calendar year that milestone has been reached since the onset of the COVID-19 pandemic.
There were 307 active listings in April. That’s 38 percent more than in April 2023, when there were 222. The last time there had been at least 300 active listings in an April was 2020, when that data point was 446.
Even as active listings rose, the average days on the market for a home dropped from 68 days in March to 43 days in April – lower than any other April in our data set (discounting the previous three years, when the pandemic affected sales figures).
Inventory declined as well, from 2.4 months in March to 1.9 in April. That’s the lowest inventory in the Bend, Oregon, residential real estate market since last June (when it was 1.7 months).
The data points from April that produced seemingly mixed signals – more listings but quicker sales – include the median sales price. That figure was $714,000 in April, down 6.1 percent from March’s $760,000. (Taking a slightly longer view, April’s median price is up 2.4 percent from the end of January to the end of April.)
The more telling year-over-year median price showed a 6.7 percent increase from April 2023, when the median was $669,100. April 2024 marked the 12th consecutive month that the year-over-year median price has increased. This 12-month run of increases follows an extraordinarily rare four-month stretch when this data point decreased each month; other than two months at the start of the pandemic – before anyone knew how things might play out – the Bend, Oregon, residential real estate market has not had declines in the year-over-year median sales price in successive months in at least the last 10 years.
Homes priced at more than $1 million made up 45 percent of the active listings in April. The month prior, that figure was 37 percent. Million-dollar homes made up about the same percentage of sales from March to April, at 21 percent. Pending sales of homes priced more than $1 million at the end of April represented 26 percent of the total; the month prior, that figure was 21 percent.
I am confident the increase in listings and activity in the residential real estate market in Bend, Oregon, represents more than a predictable seasonal uptick. Evidence abounds that Bend remains – and will remain – a vibrant, desirable place to live. If you’re in the market for a home, or considering selling your residence, I believe I can be of help. My knowledge of the market, my experience in all types of real estate cycles and my ethical, client-focused approach to the business all will benefit you. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.