August sales figures revealed contradictory images about the Bend, Oregon, real estate market.
Even as the average days on market and the inventory of homes for sale decreased from the previous month – signs of increased demand – the median sales price also went down. Of course, July’s median sales figure of $799,950 was a record high for Bend, so an increase to another record in August probably would have been an unrealistic expectation.
August’s median of $738,389 was 7.7 percent less than July’s record. The decline is the largest month-over-month drop in the median sales price since November 2019, when the median fell 8.5 percent from the month prior.
Yet demand for homes in Bend remains strong. The average days on market in August was 18, down 25 percent from July’s figure. Inventory decreased from 2.7 months to 2.2 months. For homes priced in the $725,100 to $825,000 range – which captures August’s median sales price – the average days on market was seven.
The supply of homes for sale in the Bend, Oregon, real estate market remains relatively low. August had 354 active listings. That’s the second-most for any month this calendar year. But except for the pandemic-influenced years of 2020 and 2021, it pales to a typical August.
August’s active listings were 19 percent fewer than the August 2022 figure. Before 2020, it wasn’t uncommon to have 500 active listings in August (and remember, our population and housing supply have increased since the years before 2020).
August’s 162 sales were the fewest for any August since 2011, when there were 132 sales as the market tried to claw out of the Great Recession. As August turned to September, there were 146 pending sales, the second-fewest of any month this calendar year. With 53 of those 146 pending sales (36 percent) in the highest-priced sales tier, September’s median price might be headed for a bump.
Although mortgage rates have eased slightly early in September, they remain high relative to the recent past. The higher cost of borrowing, combined with a mood of uncertainty about the health of the economic environment, contributes to a relatively low-event housing market.
A real estate market is more than statistics, and that’s where I can bring my talent to bear on your behalf. I have deep and broad knowledge of the Bend, Oregon, real estate market and have experience in all types of environments. If you’re considering selling your home or are in the market to buy, I am confident I can help you. I invite you to contact me by calling (541) 362-1031 or by visiting Bend Property Search to connect through my website.