The latest Bend real estate market numbers are in, and July continues to show a healthy market but one that is gradually giving buyers a little more breathing room.
After June's median price of $728,000, July bounced back to $780,000, very close to where we were at this time last year. At the same time, homes are taking longer to sell while inventory remains steady, suggesting buyers are becoming increasingly selective.
Median Home Price: $780,000
The median sales price climbed back to $780,000 in July. While that's a noticeable increase from June, monthly median prices can move considerably depending on the mix of homes that close during any particular month.
Rather than signaling another dramatic increase in home values, July's number puts us very close to where the Bend market was at this time last year.
Median Price Per Square Foot: $373
Price per square foot increased to $373 and has generally been trending upward this year. This is an important number to watch because it can provide a little more context than median sales price alone.
Even as buyers become more selective, the homes that are selling continue to command strong values.
187 Residential Homes Sold
July saw 187 residential sales. That's down from the 201 homes sold in June, but still represents a strong level of activity for the Bend market.
We're well into the summer selling season and buyers are clearly still in the market they're simply taking a little more time and being more selective about which homes they choose.
Cash Purchases Remain Steady
Of July's sales, 57 were cash purchases and 110 were financed.
Cash purchases remained relatively steady while financed sales dropped from June's unusually strong 130 financed transactions. Even with that decline, financing continues to account for the majority of Bend home purchases.
Days on Market & Inventory
This may be one of July's more interesting indicators.
Median days on market increased to 27 days, compared with 18 days in June. Meanwhile, inventory remained at 3.5 months for the third consecutive month.
That combination tells us quite a bit about the current market. Buyers have more choices and aren't necessarily feeling the pressure to immediately jump on the first suitable property they find.
Homes are still selling, but some listings are lingering longer particularly those where condition, presentation or price doesn't compare favorably with the competition.
What It Means
Bend's real estate market appears to be leaning somewhat more in favor of buyers, although I wouldn't necessarily call it a buyer's market.
With 3.5 months of inventory, there is still plenty of activity. The difference is that today's buyers have options. They're comparing homes, looking closely at condition and value and they're increasingly willing to wait for the right property.
For sellers, this makes realistic pricing and good presentation increasingly important. A well-presented home that's priced appropriately for today's market can still attract attention and sell relatively quickly.
Homes priced according to what the market was doing a few years ago or what a seller simply hopes the property is worth may find themselves sitting while buyers move on to better values.
Bottom Line: Bend's real estate market remains active but buyers are gaining some leverage. Inventory is providing more choices, days on market are increasing, and buyers have become more selective. Well presented and realistically priced homes continue to sell.
If you're considering buying or selling in Bend or anywhere in Central Oregon, I'd be happy to help you understand what these market trends mean for your specific situation.
