The median price of a Bend single-family home took a dip in May, but that’s not an indication that the market is softening; inventory is still low and there’s still strong demand, according to a monthly real estate data report.
“One month does not a trend make,” said Lester Friedman, Coldwell Banker Bain real estate broker. “We often see this. When you’re talking median price, it doesn’t take many million-dollar sales to put the median up higher. I don’t think it means our prices are going down. It was a matter of what the price range the sales were. A lot of that has to do with inventory. “
On May 1, 2020, there were 555 active listings, but on May 1, 2021, there were 160 active listings, Friedman said.
“What’s happened is we have people who want to buy in Bend and there’s nothing for them to buy,” he said. “That’s why the pressure has been on prices.”
Single-family home prices in Redmond made gains, growing by $30,000 in May over April and were up more than $100,000 over May 2020, according to the monthly sales report.
The spike was spurred by a third of the sales greater than $500,000, according to the report.
The Beacon Report showed the median sales price of a single-family home in Bend dipped $23,000 from $651,000 in April to $628,000 in May. Compared to May 2020, the median price of a single-family home in Bend is now $183,000 higher.
The median price is the midpoint value of all transactions in a month.
The number of sales in Bend also leveled off in May to 228 sales, according to the Beacon Appraisal Group LLC.
Single-family homes spent an average of four days on the market in Bend, a trend that has been consistent since December.
Nationally, housing inventory levels increased in April to 4.4 months, the highest level since May 2020 when it was 5.3 months, according to the Federal Reserve economic data. Freddie Mac reported Thursday that the average interest rate for a 30-year fixed-rate mortgage was 2.96%.
In Central Oregon, prices have marched up higher month over month due in part to low supply and competition among buyers, according to the report.
The median sales price in Sunriver was $907,000 in May, according to the report. The average number of days on the market was four in May, according to the report.