Market Update for Bend, Oregon – October 2021

Median Home Price 

According to MLS data, the median home price ticked back up in Bend to $650,000 which is 1.7% higher than where it was in August and sits just shy of the high of $660,000 from earlier this year. We are now 12% higher than where we were in January and 18% higher than at this time last year. If prior years are any indication, we would expect to see this median price continue to taper and fluctuate through the end of the year.

New Listings

As expected, we saw fewer homes hit the market last month with 251 single family homes getting listed for sale.  This is about 25% less than what was seen in the peak of summer, but as with much of this data, this is a seasonal trend that is seen almost every year. It would not be surprising to see the number of homes be half this number by the end of the year. It is worth noting that 251 listings in September is inline with what we have seen in each of the last four years. 

Number of Homes Sold

Almost every year we see a drop in the number of homes sold in September compared to August, however this was not the case this year.  The number of homes sold in September (255) was about 4% higher than August (245).  These changes are marginal and not a huge indicator one way or another, but do help hammer home that homes that are priced right continue to sell in this market.  With the number of new listings slipping and the number of homes selling remaining strong, we do need to keep an eye on how this affects the overall supply of homes. If this imbalance in supply and demand continues, it will continue to keep pressure on prices.

Days on Market (DOM)

As was the case last month as well, the average time a listing spends on the market before going pending has increased again from 14 days in August to 21 days in September. Also, as we stated last month, the median days on market represents the middle number of the data set and this remains somewhat steady at seven days.  This would indicate that compared to a few months ago when these numbers were virtually the same, there are now some homes that have been on the market for lengthy periods that are selling and pulling this average higher.  The reason the median isn’t being pulled higher by the same rate is that the bulk of the homes are still selling very quickly.

Average Sale to List Price  

To finish the newsletter last month, we said…“Although we can’t predict this with any certainty, if the pace from recent months continues, we could see an average sale to list price of under 100% in the next two months.”  Well there is some good news for buyers and for the first time in a year, the average sale price is under the average list price and now sits at 99.5%. For comparison, the sale to list ratio was 97.3% in September 2018, 97.3% in 2019, and 99.9% in 2020. This shift would indicate that buyers are being more selective and patient in their offers and that sellers are having to acknowledge that wild extrapolations on price just won’t fly.

Median Home Price 

According to MLS data, the median home price ticked back up in Bend to $650,000 which is 1.7% higher than where it was in August and sits just shy of the high of $660,000 from earlier this year. We are now 12% higher than where we were in January and 18% higher than at this time last year. If prior years are any indication, we would expect to see this median price continue to taper and fluctuate through the end of the year.

New Listings

As expected, we saw fewer homes hit the market last month with 251 single family homes getting listed for sale.  This is about 25% less than what was seen in the peak of summer, but as with much of this data, this is a seasonal trend that is seen almost every year. It would not be surprising to see the number of homes be half this number by the end of the year. It is worth noting that 251 listings in September is inline with what we have seen in each of the last four years. 

Number of Homes Sold

Almost every year we see a drop in the number of homes sold in September compared to August, however this was not the case this year.  The number of homes sold in September (255) was about 4% higher than August (245).  These changes are marginal and not a huge indicator one way or another, but do help hammer home that homes that are priced right continue to sell in this market.  With the number of new listings slipping and the number of homes selling remaining strong, we do need to keep an eye on how this affects the overall supply of homes. If this imbalance in supply and demand continues, it will continue to keep pressure on prices.

Days on Market (DOM)

As was the case last month as well, the average time a listing spends on the market before going pending has increased again from 14 days in August to 21 days in September. Also, as we stated last month, the median days on market represents the middle number of the data set and this remains somewhat steady at seven days.  This would indicate that compared to a few months ago when these numbers were virtually the same, there are now some homes that have been on the market for lengthy periods that are selling and pulling this average higher.  The reason the median isn’t being pulled higher by the same rate is that the bulk of the homes are still selling very quickly.

Average Sale to List Price  

To finish the newsletter last month, we said…“Although we can’t predict this with any certainty, if the pace from recent months continues, we could see an average sale to list price of under 100% in the next two months.”  Well there is some good news for buyers and for the first time in a year, the average sale price is under the average list price and now sits at 99.5%. For comparison, the sale to list ratio was 97.3% in September 2018, 97.3% in 2019, and 99.9% in 2020. This shift would indicate that buyers are being more selective and patient in their offers and that sellers are having to acknowledge that wild extrapolations on price just won’t fly.