Bend
home sales in November dropped to the lowest monthly median price of $431,000
since Feburary when the number was $427,000. The price was also $1,000 below
the $430,000 median for November of 2018, and was a sharp drop of 8.5% from the
$471,000 median for October.
Bend
monthly median prices first ticked above $400,000 – to $409,000 – in June of
2017 and stayed above that threshold until dipping below for November and
December of 2017. Since then the median has held above $400,000 with erratic rises
and dips along the way.
The
most recent drop of 8.5% was the largest month to month movement either up or
down since prices jumped by 11.86% from February to March of 2017.
Total
monthly sales for November in Bend dropped to their lowest level, at 167
closings, since the same month of 2018. Inventory as calculated by dividing current
total listings of 2,306 homes by monthly average sales stood at a two months
supply.
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| Bend "rolling" 12 month median home prices |
Inventory
has hovered around the two month number for much of the past few years, even
with steady single family construction as Bend continues a sustained economic
recovery from the market collapse in the early decade of the new century.
Maybe
a more statistically meaningful number is the median “rolling” price for the
previous 12 months. By that measure, Bend prices are dead even for the 12
months of 2019 with the same months from December through November of 2019.
In
Redmond, the second largest Central Oregon home market, the November median
sale price was $320,000, down 2.18% from October, and was 4.9% above the same month
of 2018.
Redmond
sales through November totaled 1,007, which calculated by the 12-month average
meant that the 163 active listings translated to a two month inventory, essentially
the same as Bend.
Together the Bend and Redmond submarkets
of the MLS of Central Oregon typically account for at least 75% of all regional
sales.
In its November monthly analysis of
other smaller regional markets, Beacon Appraisal reported median sale prices ranging
from a low of $181,000 in Jefferson County, including Madras and Crooker River
Ranch, to a high of $540,000 in Sunriver, followed by Sisters at $515,000, Crook
County including Prineville, $255,000 and LaPine, $247,000.
Those smaller markets all had
inventory of four to five months, which is generally considered a more “stable”
or balanced market for buyers and sellers, against the two months supply in
Bend and Redmond thought to represnet a sold sellers market.
Beacons’s analysis, drawn from the MLS
of Central Oregon database, included single family homes on less than an acre.
