August was a noticeably quieter month for the Discovery West real estate market. While the median sale price remained remarkably steady, sales activity slowed and the gap between original asking prices and eventual sale prices widened.
With only three closed sales during August, it’s important to remember that individual transactions can have an outsized influence on monthly neighborhood statistics. Still, when we compare August with the preceding months, there are some interesting trends worth watching.
Median Sale Price: $1,670,000
The median sale price was $1.67 million, virtually unchanged from July’s $1.675 million. In fact, Discovery West’s median price has remained relatively consistent since June, when it was $1,698,300.
That price stability is notable given the slowdown in sales activity and suggests that demand for the right Discovery West property remains present.
Median Price Per Square Foot: $620
Median price per square foot declined to $620, down from $675 in July and $673 in June.
Price per square foot can fluctuate depending on the particular homes sold, especially with only three transactions during the month. Still, August’s figure was the lowest since April and is something worth watching over the next several months.
Sales Activity Slowed
Only 3 homes sold in August, compared with 9 in July and 10 in June.
Total sales volume fell accordingly, from $16,527,480 in July to $5,110,000 in August.
Of August’s three transactions, 1 was a cash purchase and 2 were financed. That’s quite a change from earlier in the year, when cash buyers represented a larger share of Discovery West sales.
Pricing Strategy Is Becoming Increasingly Important
Perhaps the most revealing August numbers are the sale-to-list-price percentages.
Homes sold for 89.35% of their original list price, compared with 93.31% in July and 95.73% in June.
However, those same August homes sold for 96.81% of their list price at the time of sale.
That roughly 7.5 percentage-point difference between original asking price and final list price suggests sellers made meaningful price adjustments before finding buyers.
The message isn't necessarily that Discovery West values are falling—the median sale price remained almost unchanged. Rather, it suggests that buyers are becoming increasingly sensitive to how a property is priced when it first comes to market.
Inventory Increased as Sales Slowed
Discovery West ended August with 20 active listings, compared with 19 at the end of July. With only three August sales, that equates to approximately 6.7 months of inventory, up substantially from roughly 2.1 months in July and 2 months in June.
That's a meaningful shift.
Buyers have more time and more choices, while sellers are competing against a larger supply relative to the current pace of sales.
The 191-day median market time for August's three sales reinforces that point. However, with such a small sample, I wouldn't interpret that figure as meaning the typical Discovery West home now takes six months to sell. It tells us more about the three particular properties that closed during August than it does about every home currently on the market.
What It Means
Discovery West remains one of Bend's higher-priced neighborhoods, and the median sale price has shown impressive stability over the past several months.
But beneath that stable median price, the market changed considerably in August.
Sales slowed, inventory increased relative to the pace of purchases, and the difference between original asking prices and eventual sale prices grew. Buyers appear willing to purchase Discovery West homes, but they're also demonstrating that they won't necessarily chase an asking price they believe is above the market.
For sellers, pricing correctly from the beginning is becoming increasingly important. Starting too high can mean more time on the market and price reductions before ultimately finding the level at which buyers are willing to act.
For buyers, the increased inventory and slower sales pace may provide opportunities that weren't as readily available earlier this summer.
Bottom Line: Discovery West's median sale price remained essentially unchanged in August at $1.67 million, but the underlying market softened. Fewer sales, increased inventory and larger adjustments from original asking prices suggest buyers have gained negotiating leverage—even as well-positioned homes continue to command strong prices.
If you're considering buying or selling in Discovery West, I'd be happy to help you look beyond the neighborhood averages and see how these trends apply to a particular property.
