Typical fall conditions appeared to come to bear in the Bend, Oregon, real estate market in October. Looking at month-to-month data, active listings, sales and median sales price were down, while the inventory of homes for sales and the average days on market rose.
There were 341 active listings in October. That’s the fewest for any October – except for the COVID-19 pandemic years of 2020 and 2021 – dating to 2007. It’s also 12 percent fewer active listings than in October 2022.
Sales in October numbered 127, the fewest in any October since 2011. Differences between this year and 2011, of course, include a far greater number of homes on the market in 2011 and the larger population in Bend now.
October was the 17th consecutive month with fewer than 200 sales in the Bend, Oregon, real estate market. The only longer streak in our data set dates to around the Great Recession, when there were fewer than 200 every month from January 2007 to April 2013. The issue then, however, was different: Lenders were hesitant to make loans to buyers. Now, the predominant issue seems to be homeowners’ hesitation to list their homes.
The median sales price in October was $734,000, which is 2.1 percent less than September’s median of $750,000 and 7.9 percent more than in October 2022. For each of the last six months, the median sales price has been more than the median in the same month the prior year. This six-month run follows a four-month streak in which the year-over-year change in median sales price was negative.
Active listings in October almost always are fewer than in the month before, and this year was no different – although barely. October had two fewer active listings than did September (341 to 343).
The average days on market was 32 in October. That’s more than double September’s 15 but still less than the calendar-year average of 35. Inventory – the time needed to sell all the homes on the market at the current pace of sales – was up from 2.5 months to 2.7 months. The 2.7 months match the highest this calendar year but are less than half of the six-month figure usually used as a dividing line between a buyers’ and a sellers’ market.
October ended with 121 pending sales, the fewest since there were 76 in December 2022. But even as activity tends toward hibernation this time of year, it can be a great time to be in the real estate market. If you’re in the market to buy or considering selling your home, I invite you to contact me by calling (541) 362-1031 or by visiting Bend Property Search to connect through my website. I am confident my client-focused approach and my knowledge of the Bend, Oregon, real estate market will help make a successful outcome for you.