In the face of a tight supply of homes unlike anything we’ve seen in any September in more than 10 years, sales prices ticked up last month.
There were 130 homes new to the Bend, Oregon, real estate market in September. That’s the fewest for any September – including during the COVID-19 pandemic – since 2012, when the housing market was still clawing out of the Great Recession.
Sales in September numbered 137 – the fewest for any September since 2011 (114).
There are at least a couple of obvious differences between the Bend of 2023 and that of 2011-12.
One is the population; it was about 80,000 in 2012 and is about 100,000 now. It would follow that a greater population would be accompanied by more real estate activity.
The other difference is how fast those relatively few homes were sold. In September 2011 and 2012, the average days on the market were 145 and 138, respectively. In September 2023, the average days on the market was 15.
The average DOM for September 2023, in fact, is the lowest for any September since at least 2007. The 15 days is the second-lowest this calendar year, behind the 13 days in June.
The median sales price in the Bend, Oregon, real estate market in September was $750,000. That figure is up 1.6 percent from August’s $738,389 (which was a decline from the record $799,950 in July).
The year-over-year median price – which can negate the effect of seasonal differences in the market – was up 3.5 percent. September’s year-over-year increase was the fifth consecutive such rise after four successive months in which the median price was less than that from the year prior.
The sales price-to-list price ratio was 99 percent, making September the seventh month in succession this figure was at least 99 percent.
September ended with 125 pending sales, the fewest in any September since there were 119 in 2011. That is another possible sign of decreased activity heading into October.
Yet even during this relatively slow period for sales, I’m confident that the right real estate deal can be found. My knowledge of the Bend market and my experience in various market conditions can give you a leg up in the real estate process. If you’re thinking of selling your home or in the market to buy, I believe I can help bring about a successful and satisfying outcome. I invite you to contact me by calling (541) 362-1031 or by visiting Bend Property Search to connect through my website.