Compared with much of the previous 2 ½ years, sales data in the Bend, Oregon, real estate market in November showed further signs of stability and normality.
Some commonly watched benchmark numbers essentially held steady from the previous month – or even the previous few months.
- The market had 2.5 months of inventory as November ended. That’s up – barely – from 2.4 months in October. The average of each month’s inventory dating to July is 2.4 months. Compare that with 2021, when the average of each month’s inventory was 0.8 month.
- The average sales price to list price in November was 98 percent. November was the fifth month in a row that this data point was less than 100 percent. For comparison, in the 24 months from July 2020 to June 2022, the sales price-to-list price ratio was less than 100 percent in four months – fewer months than SP-LP was 104 percent or more in that time.
- Average days on market in November was 37 days, following back-to-back months of 38 days. The high 30s still trail the pre-pandemic norm for this figure of the mid-50s, but it is quite a contrast to, say, May to July 2021, when the average DOM was fewer than 10 days.
- There were 347 active listings in November. From July 2020 to May 2022, the most active listings in any one month was 297 (July 2020). We have exceeded that COVID-era maximum in each of the last six months.
November’s median sales price was $695,900. That’s 2.4 percent more than October’s median. November’s median price is 10.0 percent less than the Bend-market record of $773,000 set in February, but 1.7 percent more than the median in November of the previous year.
The year-over-year median sales price in the Bend, Oregon, real estate market has increased every month since June 2020. November was the fourth month in succession that the amount of the year-over-year price increase has dropped. November’s 1.7 percent year-over-year increase was the smallest YOY increase since June 2020.
Another sign that the pendulum is swinging back toward the buyer’s side of the market comes from looking at price reductions. The aggregate amount of price reductions in homes sold in November was 9.5 percent. That was the sixth month in a row that aggregate reductions were at least 6 percent – which is a larger value for reductions than was commonly seen before the pandemic – and shows that buyers are using discretion with their offers.
The fevered pitch of the Bend, Oregon, real estate market the last couple of years had its pluses and minuses, making a return to something closer to the long-range normality a welcome development. Although activity tends to slow this time of year, it’s worth noting that the average interest rate on a 30-year fixed-rate mortgage has dropped for three weeks in a row. So, whether you’re considering selling your home or looking to buy a home in Bend, this might be the right time. I’m confident that my knowledge of the market – which includes so much more than just the sales data points I analyze – will help you have a successful outcome. I invite you to contact me at (541) 362-1031 or by visiting Bend Property Search to connect with me through my website.