October provided more of the same data that has characterized the Bend, Oregon, real estate market since the reopening from March’s stay-at-home orders: Prices continue to climb, inventory continues to decline, homes are moving more quickly, and sellers are getting their asking price – and then some.

For the first time in our data set, the average ratio of sales price to list price exceeded 100 percent. It was 101 percent in October, after back-to-back months of 100 percent.

The 101 percent figure could be a sign of many things – such as competition for homes leading to bidding among prospective buyers or homes priced a little soft in hopes of encouraging multiple offers. Regardless of the reason, though, the data point highlights how fiercely sought homes in Bend are.

The median sales price in October in Bend was $560,000. It was the fourth consecutive month that the median sales price set a record.

October’s median sales price in the Bend, Oregon, real estate market represented an increase of 18.8 percent from the year prior ($471,250). October’s month-to-month increase was modest – 1.8% – but it has contributed to a sharp increase dating to spring. The median sales price for May was $449,452, making the increase over the next five months 24.6 percent.

The inventory of homes for sale in October was 0.6 month – about 18 days, or about one-tenth of the time generally seen as a balance between a buyer’s and a seller’s market. October was the fourth consecutive month with an inventory of less than 30 days.

Related to the low inventory was the brief average days on market. Homes sold in October spent an average of 31 days on the market – a reduction of more than 10 percent from the previous record of 35 days, established in September. Inventory remained low in October even though 224 new homes went to market that month – more than in all but two Octobers dating to 2007.

October ended with 268 pending sales, the most we’ve seen in any October in our data set. That number demonstrates than any seasonal slowing of the Bend, Oregon, real estate market doesn’t necessarily appear to be in store.

Looking at all of the data, one conclusion is that acting quickly – but not with haste – can be vital in achieving a successful real estate outcome. I can help you in that regard, drawing on my experience in Bend and in all manner of market conditions,  and can guide you toward the realization of your goals. If you’re in the market to buy a home, or are considering selling yours, I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.