In September, for the fourth month in a row, the median sales price of a home in Bend, Oregon, rose, reaching an all-time high of $549,900. The sales figure continues a run that began roughly when the state emerged from stay-at-home orders imposed to combat the COVID-19 pandemic.
In the last five months, the median price has risen more than $100,000. It was $449,452 at the end of May and has risen every month since for a gain of 22.4 percent in that time.
September’s median price is 3.8 percent more than August’s median price of $529,950, and it was 25.0 percent higher than the median in September 2019. The year-over-year increase is the highest in Bend since November 2013, when the $295,000 median was 34.1 percent higher than the previous November’s median.
The heat in the real estate market can be illustrated with other statistics, as well.
- The inventory of 0.7 month is the second-lowest on record, behind August’s 0.6 month. The figure means that based on the pace of sales in September, it would take seventh-tenths of a month – about 21 days – for all of the homes on the market to sell. (For reference, the guideline for an inventory that is balanced between a seller’s market and a buyer’s market is six months – more than eight times the inventory in Bend.)
- The average sales price to list price was again 100 percent. September was the second month in succession (and the third in the last six months) with a 100 percent SP-LP ratio. No other calendar year in our data set (dating to the start of 2007) has had more than two months with a 100 percent SP-LP ratio.
- September’s average days on market was 35. That is the lowest in our dataset. Over the last three months, average days on market has fallen from 63 in July, to 50 in August, to 35 in September.
Another indication of the popularity of homes in Bend is the volume of sales. The 286 homes sold in September was the highest for any September in our dataset, and until three months ago would have been the second-highest for any month on record.
September ended with 197 active listings; the average for the previous eight Septembers – dating roughly to the start of the recovery in the housing market – is 573 active homes.
The numbers support a conclusion that there aren’t enough homes on the market in Bend to meet the demand of people who want to buy here. This can make for an exciting yet stressful experience in the real estate market. Working with a Realtor you can trust can help make for a more successful outcome. My knowledge of the Bend market and my experience in varying market conditions can help ease your mind during conditions such as these. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.