In this Bratton Report we find that the median price of homes in the Bend, Oregon market has fallen, the days on the market have increased and the number of sales for the month has fallen. The September numbers are more typical of what we traditionally see in October.
After rising the past two months the median price of a home here in Bend has shrunk back to $220,000. This is a level seen many times over the past few years, though at that those times it had been the high mark for those respective periods. Fall of the last four years has led the way for a decline in the median that last until the first of the year. This annual hibernation has averaged a decline of 20%. Should the pattern hold, we should see a median sale price around $175,000 by December.
Once the distraction of the holidays and election season have passed expect the pricing along with the other market indicators slowly build until the spring months when the market should accelerate building to the summer highs. This is a trend that has held true all but a very few years regardless of the economic or political climate. The exception being the red hot winter market of 2005 which heralded market conditions that hopefully will not be seen anytime soon.
My expectations are that when the market returns for its annual upturn after the first of the year we will see continued strength in our market. Bend, Oregon is and always will be a place where folks want to live and play. This desirability will keep us on a trajectory of having a sustainable even growth real estate market.
For more information on today’s market conditions or to list/sell your property fell free to contact me.
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