Although the median sales price of a home in the Bend, Oregon, real estate market was down slightly in May compared with April – to $628,250 – the year-over-year median price showed a sizable increase. That was only one piece of data indicating that, even if some loosening of the area’s tight market is detectable, demand for homes in Bend remains historically high.
There were 269 homes new to market in May. That figure is the most this calendar year and the third-most in the last 22 months – to a time predating the pandemic.
Offsetting what might appear as an increase in housing supply, though, is the average days on market. It was seven days in May. The previous low was 16 days, in April. And the average sales price-to-list price ratio rose for the fifth month in a row – to a record 105 percent.
It seems that even in the face of a relatively larger number of homes for sale, the unrelenting demand is negating any increase in the supply. It’s worth noting, too, that the pandemic has left the market with a foundational dearth of homes relative to the historical average. For example, the preceding 10 Mays ended with an average of 431 homes active; May 2021 ended with 123 active listings.
Demand can also be measured by inventory – the amount of time it would take all homes for sale to be sold, given the current pace of sales – and that figure was 0.5 month in May. That was the 11th consecutive month inventory was less than one month. For perspective, a balance between a buyer’s market and a seller’s market is generally set at six months.
Circling back to the median price, $628,250 is 3.6 percent less than the median in April, when the $600,000 figure was breached for the first time. But May’s figure is 39.8 percent more than the median price in May 2020, when it was $449,452.
Dating to July 2020, the year-over-year median price for a home in the Bend, Oregon, real estate market has increased at least 10 percent each month; it has increased at least 29 percent in each of the last five months.
Clearly, the Bend real estate market continues to be fueled by intense demand of buyers eager to live here. With prices near record highs and homes selling in record time, the importance of a trusted Realtor can’t be overstated. If you’re considering selling your home or are in the market for a Bend home, I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.