June was a remarkable month as Bend's median sales price hit $785,000. While this is worth acknowledging, It’s important to remember that the month-to-month change does not give a good signal of a changing market. What truly matters is the long-term trajectory, which allows us to make informed decisions.
The Beacon Group recently conducted a study that looked at Median Sales Prices based on the Location (NW, NE, SW, SE) in Bend. All homes used in this study are between 1800 sq ft and 2200 sq ft, and are 3 bedrooms/ 2 baths. The graph below shows this comparison.
This illustrates that there is a considerable amount of price diversity in Bend based on location. If we have more monthly sales in a particular part of Bend we will see large fluctuations in the Bend Median Home price. It's clear that the NW Bend area holds a higher price point compared to other areas, which comes as no surprise. This premium has been consistently rising since 2013 and has played a significant role in driving up the median sale price in Bend.
How is the Bend Real Estate Market?
In comparison to May, we observed a significant rise in our median sales price, which surged by $40,000.
For average days on the market, we've noticed a slight increase from 7 days to 13 days. It means that our homes are still in high demand, but buyers might be taking a little more time to make their decisions.
And finally, our months of supply have also gone up from 1.7 months to 2 months. This indicates that we have a healthy inventory to meet the growing demand.
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