The number of homes entering the Bend, Oregon, real estate market in April matched a COVID-era high and helped increase the inventory of homes for sale.
Of course, April’s inventory – the time it would take to sell all homes on the market given the current pace of sales – was all of one month (six months is the dividing line between a buyer’s and a seller’s market), so demand for homes continued to outpace supply. But the addition to the supply of 308 homes in April could take some of the heat off the Bend market.
The median sales price in the Bend real estate market in April was $769,900, which was $100 (one-tenth of 1 percent) less than the month before. April’s price was 18 percent more than in April 2021 ($652,000).
That 18 percent yearly increase in median sales price is the second-lowest year-over-year increase in the last 16 months. The average of the previous 12 months’ year-over-year change was a 28 percent increase, so April 2022 stands out for its moderation in the rate of price increases.
April ended with 185 homes sold and 226 pending sales. Both figures are less than their counterparts in the previous month and in the previous April – even though the total number of homes for sale in April 2022 was greater than in March of this year and in April 2021.
Still, the average sales price to list price for homes sold in April 2022 was an almost unheard-of 104 percent. That figure was exceeded twice in the previous 183 months for which we have data. Homes in the most expensive price tier (more than $925,000) had an even higher average sales price to list price, 105 percent.
And the average days on market was 13 days – fewer than in every other month on record except for the three from May to July last year. For each of the three $100,000 price tiers between $525,000 and $825,000, the average days on market in April was seven days or fewer.
I began by mentioning the 308 homes new to the market in April. That matches the most in any month since the onset of the COVID-19 pandemic (June 2021 also had 308 homes new to market). It was the most for any April since there were 317 homes newly listed in 2016. I highly doubt this bump in supply will severely affect the market, but it might be the start of something. As market dynamics begin to change, having a trusted, knowledgeable Realtor working on your behalf is more important than ever. If you’re considering selling your home or are looking to buy, I invite you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.