Given the Bend, Oregon, real estate market – characterized by six consecutive months of a median sales price of at least $425,000, an inventory of homes for sale that tilts toward sellers, and an average sales price to list price that rarely dips below 99 percent – it might seem surprising that the housing market across the entire United States was headed to a slight slowdown at the end of 2018 compared with the year before.
A survey of four major real estate organizations conducted by Wells Fargo predicted that total sales across the United States would end up 2.0 percent lower than in 2017. In Bend, the raw number of homes sold in 2018 is likely to come in close to the 2017 figure of 2,428.
Regardless of the number of sales in Bend – whether relatively constant or down slightly from 2017 – the market data show a robust environment in a desirable location that continues to attract interest from buyers. Through the end of November, the year-to-date median sales price was 6.9 percent higher than the median sales price for all of 2017’s sales. Year over year, November’s median sales price of more than $433,000 was 11.1 percent higher than the November 2017 figure.
Based on the momentum we see in Bend and projected in the Wells Fargo report, we should expect to continue to see an active market in 2019. The Wells Fargo report projects an increase in nationwide sales in 2019, with forecasts ranging from 0.6 percent to 3.6 percent more sales, and an even bigger increase in 2020.
Through the first three quarters of 2018, Bend closely tracked the national market in the increase in home prices (6.3 percent). Bend’s year-to-date median price through the end of September was $425,000, 6.5 percent more than the same figure one year earlier.
The Wells Fargo report projects a continued increase in the median sales price of existing homes for the next two years, but the forecast calls for a slower pace of growth. Wells Fargo’s report projects increases in the median sales price of new homes, as well, although the projected rates of these increases are lower than for existing homes.
When layering national data or projections onto the Bend, Oregon real estate market, it’s important to remember that Bend isn’t just Anywhere, USA. The influx of new residents to the city and the relatively large fraction of people who work remotely from Bend tell us people want to live here. It’s hard to quantify the impact of such facts on the real estate market, but they’re important to keep in mind – whether you’re in the market for a home or considering selling your home. I can guide you through the real estate process with an experienced, ethical hand and put my knowledge of the local market to use for you. Please contact me at (541) 383-1426 or visit Bend Property Search to connect with me through my website.