Bend, OR Metro Area Housing Market: November 2024 Analysis
The Bend, OR metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 5.9% year-over-year, settling at $640,000. In contrast, the Median List Price has increased by 3.9% to $685,000, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics also reflect this divergence. The median Price Per Square Foot has decreased by 3.0% to $356.98, while the Median List Price per square foot has risen by 7.9% to $388.72. This suggests that while sellers are listing homes at higher prices, buyers are negotiating lower final sale prices.
Sales activity in the Bend area shows a robust increase, with Homes Sold rising by 22.5% year-over-year to 283 units. Pending Sales have also grown by 16.3%, reaching 264 units. This uptick in sales activity is supported by an 11.8% increase in New Listings, totaling 256, and a significant 27.3% rise in inventory, now at 1,125 homes. The Months of Supply have increased by 20.0% to 4.0 months, indicating a more balanced market compared to the previous year.
The Median Days on Market have increased by 17.0% to 62 days, suggesting that homes are taking longer to sell. This could be attributed to the higher inventory levels and the gap between list and sale prices. The average sale to list ratio remains relatively stable at 98.2%, with a slight year-over-year increase of 0.2%. However, the percentage of Homes Sold above list price has decreased by 3.2% to 14.1%, reflecting a cooling in competitive bidding.
Price Drops have slightly decreased by 1.4% to 23.4%, indicating that sellers may be adjusting their expectations more cautiously. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.1% to 20.8%, further highlighting the slower pace of sales.
Overall, the Bend, OR metro area housing market in November 2024 is characterized by increased sales activity and inventory, alongside a decline in Median Sales Prices and a longer time on the market. These trends suggest a shift towards a more balanced market, with buyers gaining more negotiating power as sellers adjust to changing market conditions.
