Further signs that the Bend, Oregon, real estate market is resettling to a pre-pandemic state come from sales data in September. Many data points more closely resemble their range from early to mid-2020 than in the two years since.
One of the most closely watched numbers is the median sales price. September’s figure of $724,900 was 1.1 percent more than the same data point in August. What might be more indicative is that September’s median was “only” 11.2 percent more than a year earlier.
Every month since July 2020, the median sales price has been at least 10 percent more than in the same month the previous year. Twice in that stretch, the Bend, Oregon, real estate market has experienced a year-over-year price increase of more than 40 percent. September’s year-over-year increase, however, is the second-lowest since July 2020, and September marked the fourth month in a row the year-over-year increase was less than 15 percent.
Inventory – the time it would take for all homes on the market to be sold given the current pace of sales – held steady at 2.3 months in September. Inventory has been at least 2.3 months for the last three months. Although 2.3 months is far from the six-month boundary between a buyer’s market and a seller’s market, Bend had not had three successive months with this much inventory since the first half of 2020.
The increased inventory might have made buyers more selective, or at least more patient, in September. The average days on market for a home sold in September was 38 days – more than 50 percent longer than in August and the longest in more than two years. And the aggregate amount of price reductions on sold homes in September was 8.3 percent of list prices – the largest percentage of reductions since at least the start of 2014. It was the eighth month in a row that the percentage of reductions has increased.
There were 182 homes sold in September. That was the fewest in any September since 2014. The number of homes new to the market (186) also was down relative to recent Septembers. But October began with 372 active listings, well more than in either of the previous two Octobers.
However one wants to characterize the Bend, Oregon, real estate market – and the markets of many other locations – during the pandemic, it appears we’re seeing a return to an environment more typical of pre-spring 2020. It would be worth recalling that even before the fevered market of the last two years, Bend was a highly desirable location to live, with a real estate market that reflected the demand to live here.
I am confident I can help you navigate the Bend real estate market. My experience in the industry, my knowledge of the market and my ethical, client-first approach to business can help make for a successful outcome for you. If you’re considering selling your home or if you’re in the market to buy, I invite you to contact me at (541) 362-1031 or by visiting Bend Property Search to connect with me through my website.