We frequently mention that year-over-year comparisons are more valuable than month-to-month judgments when trying to extract an educated view of the Bend, Oregon, real estate market. As we emerge from the worst of the COVID-19 pandemic (at least what we hope is the worst), that viewpoint appears even more appropriate.
Of all of October’s data points in the Bend market, the most important might be the year-over-year median price difference.
October’s median sales price was $645,000. That is 15.2 percent more than the median price in October 2020.
In isolation, that figure might appear to be a radical jump in prices. But for context, consider that the year-to-year increase in October was the lowest year-to-year increase we have seen since August 2020.
In fact, the year-to-year change in median price has decreased each of the last four months. April’s median price was 41.4 percent more than the median in April 2020, and the year-over-year rate of increase has dropped very month since.
The median sales price in October, combined with other data points from that month, can be interpreted as a stabilization in pricing in the Bend, Oregon, real estate market.
One data point in support of that thesis is the average days on market. In October, it was 32 days. That is the highest we’ve seen for that data point in more than a year – since September 2020.
The average sales price to list price in October was 98 percent. It hasn’t been that low – and yes, we realize how odd it seems to characterize a sales-to-list price ratio of 98 percent as “low” – since June 2020. In the months since, that data point reached 105 percent, so October’s data point represents another significant signal that the Bend, Oregon, real estate market is no longer tilted so strongly in favor of sellers.
October ended with 1.2 months of inventory (a figure that represents the amount of time it would take to sell all homes on the market given the current pace of sales). It was the second consecutive month with an inventory of 1.2 months and the seventh month in a row that this figure either held steady (as it did in October) or rose.
Circling back to October’s data, the median sales price of $645,000 is 0.8 percent lower than September’s median – but it’s also the fifth-highest median price for any month on record. The month ended with 249 homes on market, which is the second-lowest on record for any October (the exception being October 2020), yet there were 212 sales in October – right around the average for the previous eight years. The juxtaposition of those two pieces of data shows that homes are being swooped up at a quicker pace than in the past.
Whether you’re in the market for a home or considering selling your residence, you have an abundance of factors to consider. I want to make sure you know that you don’t have to weigh your situation alone. I have a wealth of knowledge of the Bend, Oregon, real estate market, and I operate on an ethical, client-first basis, which can be of considerable benefit in your real estate experience. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.