The supply of homes for sale in the Bend, Oregon, real estate market reached a calendar-year high in May. The 291 active homes, in fact, were the most for any May since 2021, when we began to leave the worst of the COVID-19 pandemic behind.
With that increased supply came a notable month-over-month increase in the median sales price. That figure was $747,500 in May, 11.7 percent more than in the previous month, when it was $669,100. The month-over-month increase was the third-largest in the last eight years; the two months with greater increases were both since the onset of the pandemic.
May’s median sales price was the highest in the Bend, Oregon, real estate market since July 2022 (when it was $770,500), and it was the fifth-highest on record.
Looking at the less volatile year-over-year numbers, May’s median price was 1.0 percent more than May 2022’s figure of $740,000. The year-over-year rise, though “only” 1.0 percent, was the biggest year-over-year increase in six months and ended a run of four months in which the year-over-year median price fell.
Comparing May 2023 to May 2022, it’s more than the median sales price that had similarities.
- In both years, May had a then-calendar-year high of active homes on the market (2022 – 269; 2023 – 291)
- In both years, May had a then-calendar-year high of homes sold (2022 – 218; 2023 – 161). In 2022, the 218 sales in May held up as the most in any one month of that calendar year.
- The number of homes new to market in May of both years was well above that year’s average through the first four months of the year. In May 2023, in fact, the 231 homes new to market were a calendar-year high.
The price tier of $925,100 and above had the most homes sold in May (45) and the most pending as May ended (55). The 45 sales at $925,100 and above were the most in a month since last August, when there were 53 such sales. The 55 pending sales at $925,100 and above matched the number from the previous month.
It’s impossible to predict “where” the Bend, Oregon, real estate market is headed. But we are approaching what is traditionally the most active time of year for the market. If you’re looking to buy a home, it’s likely the options to choose from will be at a peak in the coming months. If you’re considering selling, the number of potential buyers can be expected to increase as summer comes.
Whether you’re buying or thinking of selling, I am confident I can help ensure a successful outcome for you. I invite you to contact me at (541) 362-1031 or by visiting Bend Property Search to connect with me through my website.