The median sales price of a home in the Bend, Oregon, real estate market at the end of October surged to a level $100,000 higher than the figure at the end of January.
At the end of October, the median sales price for the month was $797,450. That’s 11.5 percent more than that data point at the end of September ($715,000).
October’s median sales price was the second-highest Bend has experienced, behind the $799,950 in July 2023. Year-over-year, October’s median price represents an 8.6 percent increase compared with October 2023, when it was $734,000.
The year-over-year increase stopped a three-month stretch in which that data point for sales prices was negative. Among the reasons we rely on the year-over-year trend in sales price more than the month-to-month figure is that it the year-over-year change can smooth over short-term anomalies or exceptions in the market. As an example, October’s rise in sales price was the second time this calendar year there has been at least a 10 percent month-to-month jump in median sales prices.
Thirty-one homes priced at more than $1.425 million were sold in October – more homes than in any other price tier.
The 31 homes at more than $1.425 million made up more than 21 percent of the 146 October sales in Bend. That’s the highest percentage of sales in that tier in the 12 months since we began using more granularity in evaluating sales prices in the million-dollar-plus range. (We used to group all homes at more than $925,000 into one tier.)
October experienced the price increase even as other data points showed movement toward a buyers’ market in Bend.
- There were 501 active listings in Bend in October, the most for that month since 2019 (525 listings).
- The average sales price to list price was 98 percent, ending a run of six months when that data point was at least 99 percent.
- The average days on market for homes sold was 66 days, the longest for an October since 2014 (when it was 72 days).
- Inventory was 3.4 months. That was the same as in September and down from a calendar-year high of 3.7 in July. But this was the fourth month in a row inventory has been at least three months – an occurrence that we hadn’t seen since September to December 2019.
October’s price increase in the Bend real estate market was an eye-opener. But does it tell us anything? The preponderance of data points – listings, sales price-to-list price ratio, days on market and inventory – indicates a trend toward something closer to a balance between supply and demand. October’s median price might come down to a relatively large percentage of homes in boutique price tiers being among the characteristics of the Bend market.
If you’re looking to buy a home or considering selling yours – whatever the price range – I believe I can be of service. In all types of market conditions and interest-rate environments, I have brought my experience and ethics to bear on behalf of my clients. I would be happy to help you on your real estate journey. I invite you to call (541) 362-1031 or visit Bend Property Search to connect through my website.