The median sales price of single-family homes in the Bend, Oregon, real estate market rose in January, even as another data point declined – just barely – for the first time in the pandemic era.

The median sales price in January was $684,950, 1.1 percent more than December 2022’s median of $677,500.

For the first time since May 2020 – before Oregon emerged from the stay-at-home order prompted by the onset of the COVID-19 pandemic – the year-over-year median sales price fell in January. In January 2022, the median price of a home in the Bend market was $686,000. January 2023’s median represents a decline … of 0.15 percent – barely noticeable but a decline nonetheless.

January’s year-over-year change also continued a trend that began last August. In each of the last six months, the rate of the increase in the year-over-year median price has declined. The temperature of the market has moderated these last six months to more of a pre-pandemic level – which, of course, still made Bend among the most dynamic and desirable markets in Oregon (if not all of the country).

Some of the data points from January might reflect a rebound from a relatively dormant December 2022. There were 109 homes new to the market in January, for example, compared with 47 in December. Never in our data set, which dates to the start of 2007, has there been such a proportional jump in homes new to market from December of one year to January of the next.

The homes that were newly listed contributed to an average days-on-market figure of 55 days – the highest in the Bend, Oregon, real estate market since July 2020. Inventory (the time it would take to sell all the homes on the market, given the current pace of sales) was 2.6 months, down from 2.8 months in December but tied for the second-highest dating to June 2020.

Perhaps a companion to the rising days on market, sellers stood firmer on asking prices in January. The aggregate change in sales prices to list prices was minus-5.3 percent in January, the smallest difference since April 2022.

Both sellers and those in the market for homes should be cheered by the trend in mortgage rates. Early in February, the average 30-year rate was about 6.35 percent, compared with 7.25 percent three months earlier. Then again, we have seen that a non-trivial number of home sales in our area are cash transactions, insulating the Bend, Oregon, real estate market to an extent from interest rate fluctuations.

Even as the market returns to “normal” conditions, having a knowledgeable, ethical Realtor on your side can make all the difference in pursuit of a successful real estate experience. Whether you are considering selling your home or in the market to buy, I invite you to contact me at (541) 362-1031 or by visiting Bend Property Search to connect with me through my website.