Bend single-family homes sold since the first of November averaged over 722k, with a median price of over 609k. How long will these trends continue? Well, of homes listed in Bend, 32.34% had lowered the list price last week, and 36.97% of the top quartile homes are also reducing their price. There are currently 165 single-family residences listed in Bend, and in the last week, 58 homes closed. The median sales price of the least expensive 25% of houses sold last week was $398,500, the next quartile was 478k, then 677k, and $1,297,500 rounds out the top. The average days on the market for all price points in Bend is 85, while the top quartile of homes averages 130 days on the market. That is a lot of number crunching, but what does it mean:
- The lack of inventory still has an outsized impact on prices.
- There seems to be some buyer resistance at the upper price points.
- The median price of homes that are selling is considerably lower than the median list price.
Anecdotally, I have noticed an uptick in searches for vacant lots, in particular Tree Farm. Half of the homes sold in Bend last week were under 571k, with one quarter below 430k. There are still opportunities in Bend, so don't hesitate to reach out if I can help you decipher the market.
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The median list price in La Pine is over 412k, while the median of the ten homes that closed last week was just over 260k. Interestingly, the second upper-tier homes take the longest to sell, with an average of 139 days on the market. Compare that to the lowest-priced tier of homes on the market for only 24 days! The market has been cooling, but with only 27 homes listed for sale, compared with ten sold last week, expect prices to stay firm. At the risk of contradicting myself, last week's seven-day average shows 50% of La Pine properties had a price decrease. Reading between the lines, sellers that were aggressive with their summer pricing have come down to a more realistic price. It looks like La Pine will see a typical seasonal slowdown for sellers, albeit less pronounced than an average year.
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Market Trends Reports Tutorial |
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When you access the Market Trends page of EnjoyBendLife, you have access to ten Central Oregon zip codes. The charts on the Market Trends page are live and update weekly. Click on the city's chart or zip code you are interested in for a full report with eight key metrics. Median List Price, Average Days on Market, Price Per Square Foot, Properties with Price Decrease, Properties with Price Increase, Relisted, Inventory, and Market Action Index are all available. Below the drop-down for selecting charts, there is a checked-box for Market Segments. This selection shows the inventory by quartile, giving you a granular view of your price point. From the upper right corner of the page, the Share button allows you to share the document on social media, email, or a single page PDF. The form is also available as a six-page PDF or, sign up to receive the report from a weekly email. The Market trends on EnjoyBendLife.com provide more than just Central Oregon data: Type in the name of any city in the country in the search box at the top of the page for any report you desire. Please let me know if you have any questions or if I can help you with anything.
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Stellar Realty NW
Reed Melton
(541) 408-6625
Allow me to put my knowledge and
expertise to work for you!
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