Is November the new September?
We’re not talking climate and temperature. We’re talking the Bend, Oregon, real estate market.
Prompting this observation was the median sales price in November. It reached $684,000 – not only the high for any November but also a high for any month of any year in Bend.
Traditionally, the summer months produce the highest home-sale prices in a given calendar year. As with so many features of today’s world, however, the real estate market seems to be operating under different conditions.
It isn’t just the time of year that makes November’s sales price stick out. After July, when the Bend market posted a median sales price of $675,000, the next three months had median prices at least $25,000 less. Perhaps the market was taking a breather from the torrid pace that dated to spring 2020.
Then came November. The median price was 6.1 percent more than in October and 25.9 percent higher than the November 2020 median. Compared with the November 2019 median sales price ($431,000), the November 2021 price was up 58.7 percent.
For perspective, there is this from Realtor.com: “The November national median listing price for active listings was $379,000, up 8.6 percent compared to last year and up 22.4 percent compared to 2019.”
Several other data points show November had a continued fierce demand for homes in Bend with a supply that – while greater than a year ago – still trails what we usually see in a November.
One hundred forty-seven homes came to market in November, which was the most for that month since 2009. But those additional homes went on the market after October ended with 249 homes for sale – which is (excluding last year) less than half of the next-fewest end-of-month listings in our data set (which dates to January 2007).
Despite this paucity of inventory, 199 homes were sold in November, and 204 were pending as the month ended. Those figures rank as the most and second-most, respectively, for any November in our data set.
The average days on the market in November 2021 was 17 days. That’s the lowest for any November (even lower than November 2020) but right at the median for this calendar year. It’s also almost 50 percent lower than the October 2021 figure.
For each of the last 15 months, the year-over-year median sales price of a home in the Bend, Oregon, real estate market has increased at least 15 percent. Every time it appears that the demand and relative pace of sales are tapering, along comes a month like November. In these unprecedented times, having the right Realtor can be essential to a successful real estate outcome. I pride myself not just on my experience in various market conditions and my deep knowledge of Bend, but also on my ethical approach to my profession. I can work for you to produce a successful, rewarding real estate journey. If you’re considering selling your home or in the market to buy, I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.