The summer temperatures may still be with us, but schools are back in session, the lines have died down at the coffee shops, and the river is no longer covered in colorful tubers. Autumn is coming to Bend and with it we see some seasonal softening of the real estate market, particularly above the $1M price point — the homes below that point are experiencing continued demand.
Watch video: September 2023 Central Oregon Housing Market Update
September 2023 Beacon Report for Central Oregon
The September Beacon Report shows data based on homes that closed during the month of August.
Slower sales and consistent demand below $1M:
- MEDIAN PRICE: Took a dive from $800K reported last month, however, $742K is $17K higher than September of last year, and it is nearly on par with May of this year ($745) — when listing season spiked.
- PRICE PER SQUARE FOOT: Dipped down 3-4%—not the 8% that median prices fell. What does that indicate? It means that houses with more square footage, those big homes out there with big price tags, are bringing down the median price points of homes.
- TOTAL CLOSINGS: There were nearly 10% more transactions in August than July. When we couple that stat with the insights on bigger homes bringing down the average price, we can infer that month over month demand is consistent and stable (if not up!) for the smaller homes, while the larger homes are skewing the impression of market vitality.
- DAYS ON THE MARKET: Skipped up to 16, from 9 last month, showing a slowdown of flurry from prime listing season.
- MONTHS OF INVENTORY: Remains at 2 for the third month in a row. A healthy selection of homes on the market gives buyers more options and a chance to take more time during the house hunting process
MLS Data for September 2023
The MLS Data is more up-to-date than the Beacon Report, and it also represents all the properties on the market, unlike the Beacon Report, which only represents the properties that sold.
We can take away a few key points from the MLS Data this month:
- TOTAL LISTINGS: Down slightly compared to last month
- MEDIAN DAYS ON THE MARKET: Continues last month’s trend, rising up to 54 days for a listing on the market.
- PRICE ADJUSTMENTS: The general price adjustment metrics are also being bogged down by the performance of the larger homes. For active homes over $1M, the median price adjustment is 6.56% lower and 73 days on market.
The Bottom Line
Given these two data sets, we can predict that longer days on the market are in store this fall, as seasonally appropriate, and plenty of inventory and demand for the smaller homes on the market.
For more insights on the market activity and how that can impact your house hunt, or putting a local listing up for sale, reach out to our team. We’d be happy to help.
Read the full Beacon Report for Central Oregon September 2023
If you want all the details about all Central Oregon locations, download this printable report.