Home prices in Bend continued their late-spring resurgance in June, rising 1% month-over-month to a median of $737,000. Realistically, this number seems to be a ceiling, at least for the time being. List prices were down 4% month-over-month in June, while days on the market increased from 8 to 13. Homes also sold for a median of 97.4% of their original list price, down from 98% in May.
All of this fits with our prediction of a surge of activity in the spring followed by a flattening in the summer. Inventory is now up to 2.8 months in Bend, which is a point where competition should drop a notch or two. That doesn’t mean we’re expecting prices to collapse, but rather, we expect sale prices to hover around a median of $700,000.
Even though listing activity is down 16% year-over-year, the ratio of new homes entering the market to pending sales is about 3:2. If you’re meaning to list your home this summer or fall, it might be good to do so sooner rather than later, when inventory is likely to be higher.
