Looking back at the Bend, Oregon real estate market in June, there has been some amazing activity that occurred in several important areas. Buyers and sellers will definitely need to pay close attention to the market in the next months as the summer temperatures rise and people are looking for the best property deals.
Drop in Median Prices for Sold Homes
It has been quite some time since we have seen a month-to-month price drop here at Duke Warner Realty. Over the years, there has been a consecutive rising to prices for sold homes — up to 12.3 percent since June 2015. The Bend real estate market went from a figure of $329,450 in 2015 up to $374,000 in May 2016. Yet June 2016 had a significant drop to $370,000. Even with this decline, June still maintains its third place rank of having a higher median sales price in the past 10 years.
When checking out the active listings, June also ranked high for this calendar year. There were 462 active listings and 287 sales. One figure to keep in mind is that sellers of 150 homes reduced their homes’ prices while on the market. This figure shows that 32 percent of homes had a price reduction, as such an event hasn’t happened since September 2015 where 37 percent of 562 listings saw a price reduction.
Another important factor is that inventory has increased with sellers placing more homes on the market. June inventory is now up to 1.8 months from May’s inventory of 1.7 months. Real estate experts are paying close attention to the six-month inventory levels to see if it will end up being a buyer’s or a seller’s market.
Bend, OR Real Estate Market Snapshot
June 2016 is the 5th highest month with a 99-percent overall ratio of sales price to list price.
Higher priced homes in the $425,100 range to $525,000 range had average days on the market at 94 days, which is the shortest when compared to other price ranges.
In addition, homes selling for $425-100 to $525,000 had a 100-percent ratio of sales price to list price average.
Early predictions for July are that there will be about 506 active listings and 288 pending sales, continuing the high real estate market streak based on activity.
For buyers and sellers, the real estate market this summer has seen some major activity that will seem to last when the summer winds done to an end. Getting the best information about Bend, Oregon real estate is essential so you can find the right deals and purchase the ideal homes. Here at Duke Warner Realty, we provide the most up-to-date market research to help people with their real estate needs.
Visit our website here at dukewarner.com for more information. You can also give us a call at 541-382-8262 or check out our Facebook page.
