Bend Housing Recap: July 2019
Hard to believe it is already August. Bend’s prime real estate selling season is winding down, and after a soft June it appeared that we could be in store for an early seasonal shift…then came July! Median sales in Bend came in strong, once again above $470K, and volumes picked up leaving our months of supply back below 3 months.
On the surface these numbers are strong but there are clearly still some price points and areas that are struggling. Most notable for me is the 600K to 1M mark where inventories are still a bit high, and activity is soft for homes that do not have it all….meaning those that need updating, have a slightly unusual floor plan, or are missing a key component commonly found in other homes in the same neighborhood. To me this is a bit of a sign that the market is not quite as strong as it was late winter/early spring when just about everything was flying off the shelf.
This will be something to watch in the coming months as we near winter.
Medain sales once again are above $470K, or up around 6.5% to July of 2018.
With the surge in closed sales for July, and a reduction in the volume of new listings, our inventory is once again just below 3 months. Still a strong seller’s market.
The number of homes that went into contract in July is the strongest we’ve seen for this month in the past 3 years. It really felt that after mid-July there was a surge in overall market activity.
For those of you that follow these updates, you will recall the massive spike we saw in the new listings to market in May, which led to a surge in supply in June. Since May. new listings have tapered off for two months straight, putting pressure on buyers looking for a deal.
Our expectations heading into this fall:
Get ready to see price reductions roll in as we move into the end of August. Traditionally we see a slowing through the first few weeks of September, followed buy a surge of activity in October. Since we are tracking so close to last year I’d expect to see the same trend. There are a few wildcards out there….right now rates are incredibly low, close to 1% lower than last year which could fuel additional activity. One also can’t underestimate the impacts of what might come out of the trade war with China, and the global economy, which could easily shake things up this fall if something drastic changes.