The June 2019 Real Estate Market report came out this week and we’re seeing some interesting changes here in Bend, Oregon!
First of all, the Median Home price dropped down to $445,000, which is the lowest number we’ve seen all summer and is even slightly lower than the June 2018 price of $449,000. Secondly, the number of homes sold came in at 236 in June, which is somewhat flat to last month, so house sales are holding steady.
The most interesting changes are coming from Days on Market and Months of Inventory (supply of available homes). The average home in Bend sold in 53 days, which is the lowest number we’ve seen in 4 years! It appears that both Buyers and Sellers are eager to close quickly and this also shows that appraisal timelines are much improved over the last few months. During the Summer months it’s common to see an appraisal take place a week and a half to two weeks due to high demand and many sources are confirming that the timeline in now shrinking in June. Inventory, or supply of available homes, reached 3 months in June after being down in the 2 month range since September 2018. The Median Home price decrease is most likely due to the higher amount of available homes on the market. Building permits also increased to 49, which is higher than last month, but is still low compared to last year at 71 permits.
The Bend housing market is definitely showing signs of being a strong and steady market, and while Buyers are starting to gain an advantage by having more options to choose from, it’s still a Seller’s market. We’ve included a few statistics regarding the June 2019 market below, provided by the Beacon Report from Beacon Appraisal Group.
If you have any questions about the Real Estate Market in Bend or about buying or selling your home, please reach out; we’d love to help!
That Furrow Crew