In July, for the first time in the last 17 months, the median sales price of a home in the Bend, Oregon, real estate market broke the previous record high.
July’s median price was $799,950. That broke the record of $773,000, set in February 2022, by 3.49 percent.
The record price came even as housing inventory in Bend reached a calendar-year high of 2.7 months and the average days on market rose to 24 (up from 13 in the month before).
Homes priced at $925,100 and more made up 39 percent of the 140 homes sold in July – more than twice as much as any other price tier. The average days on market for homes in this tier was 26 days, fewer than for homes priced from $625,100 to $825,000.
Although the Bend, Oregon, real estate market had a calendar-year high of 374 active listings in July, that figure doesn’t compare to the number from July 2022 (461 active listings) or from the same month in pre-pandemic years.
The 164 homes new to the market in July were the fewest for any July in our data set (which dates to the start of 2007). And July’s sales total of 140 was the fewest for any July since 2011, before the housing market rebounded from the Great Recession.
Looking again at July’s median price, it represented a 3.9 percent month-over-month increase and a 3.8 percent increase year over year. The year-over-year change in median price has been positive for three months in a row after a four-month run in which that data point was a negative number.
July ended with fewer pending sales of homes priced at least $925,100 than in June (both in terms of raw totals and a percentage of total pending sales). So it’s conceivable that August’s median price will be less influenced by the most expensive tier of homes than July’s median was.
Notwithstanding July’s relatively light sales activity, we remain in what is traditionally the busiest time of the year for home sales. If you’re in the market to buy or considering selling your home, I am confident I can help produce a successful outcome. Beyond sales statistics, I have a close feel for the Bend, Oregon, real estate market, produced from years of experience in all sorts of conditions. I invite you to contact me by calling (541) 362-1031 or by visiting Bend Property Search to connect through my website.