November’s activity in the Bend, Oregon, real estate market showed a continued slowdown that is typical for the fall.

For the eighth straight year, active listings have experienced back-to-back months of declines. That is, listings have dropped from September to October and then dropped again from October to November.

This November, we had 309 active listings. Discounting 2020 and 2021 – the height of the COVID-19 pandemic years – that represents the fewest listings in any November in our data set (since 2007). November 2023’s active listings were 11 percent fewer than those in November 2022.

Eighty-five homes were new to the market in November in the Bend, Oregon, real estate market. That’s the fewest for any November since at least 2007, 25 percent fewer than in November 2022 and the fourth-fewest in any month in our data set. With the dearth of homes on the market, it’s not a surprise that the 105 homes sold in November rank among the lowest for that month (the fewest since 2011).

The median sales price in Bend dropped 3.3 percent from October, to $710,000. Year over year, November’s median price showed a 2.0 percent increase.

The monthly median sales price has increased from the previous year’s median in that month for the last seven months. This run of year-over-year increases follows a five-month stretch in which this figure rose by a negligible amount (0.4 percent) or declined.

Some other data points show activity that reflected a continuation of pre-pandemic trends in the Bend, Oregon, real estate market. The average days on the market (50) was considerably more than in the previous three Novembers but 20 percent fewer than in the last November before the pandemic (65 days).

Inventory in November was 2.9 months. Inventory hasn’t been so high since May 2020, when it was 3.2 months. November’s inventory, however, was lower than the average inventory in November from 2012 through 2019 (4.3 months).

Many observers point to interest rates as a factor in the cooling of real estate activity. On Dec. 7, 30-year fixed-rate mortgages averaged close to 7 percent, compared with 7.8 percent six weeks earlier. A continuation of the downward trend in borrowing costs, coupled with signs that inflation as a whole is easing, could spur buyers and sellers to re-enter the real estate market.

If you’re considering selling your home, or are looking to buy, I encourage you to connect with me. My knowledge of the Bend, Oregon, real estate market is far deeper and broader than just my analysis of the market statistics. You can call (541) 362-1031 or visit Bend Property Search to connect through my website.

I am confident my ethics-driven, client-focused approach and my knowledge of the Bend market will help make a successful outcome for you.