At midway 2024 the Bend real estate market appears to be
tracking the previous year, but with hints of changes that could portend more
dramatic future shifts.
In
looking at the 12 months ending June 30 against the previous year, the most noticeable,
although subtle, change is in the slowly increasing inventory of available
homes.
Bend
is still a seller’s market, albeit not to the extreme of the past few years, but
inventory has steadily increased over the year.
At
the end of June 2024 Bend’s inventory of 454 single family homes listed for
sale on less than had increased to 3.5 months, according to the Beacon Report
compiled by Beacon Appraisal of Redmond from statistics available through the
MLS of Central Oregon. That represents an increase of 1.5 months from the
comparable 12 months ending June 30, 2023 when there were 313 listings.
Markets are considered more balanced when there is a 4-6 month supply of homes for sale.
This is the largest months of inventory, calculated by averaging 12 month sales against current listings, in the several years going back to the beginning of the Covid pandemic.
Although total sales for the 12 months dropped to 1,534 compared with the 1,741 the previous 12 months, it’s notable that the percentage of homes selling at more than $1 million increased to 25% from 22% the previous year.
The median price of homes through a cumulative12 months ending June 30 was $735,000, up 6.44% from $690,500 the same period 2022-2023. For a single month of sales the median high for the year was $800,000 in July of 2023. The monthly low was $682,000 in February.
In Redmond, Central Oregon’s second largest home market, the median for 12 months rose to $510,500 from $460,500 in 2023, an 8.5% jump.
Redmond’s inventory tracked in lockstep with Bend, with 2.0 months supply in 2023 increasing to 3.5 months for the 12 months ending June 30 this year. Redmond total sales dropped from 652 to 625 for the 12 months.
The Market Action Index report by First American Title for July 8 concluded that, “The market has been cooling over time and prices have recently flattened.”
But, the MAI report noted, “we’re still in a Seller’s market (where significant demand leaves little inventory available).”
