We admit it, we’re data nerds. We believe every broker and especially every principal broker as a responsibility to review and analyze the data in support of their buyers and sellers. And so we invest the time to advise our clients on how the local market is performing, and to assess list and offer prices.
Here’s a breakdown of the metrics most critical to the buying and selling of homes in Bend Oregon:
Months of Inventory
This calculation shows us how many homes are available in relation to the number of homes to sell per month. A balanced market have 4 to 6 months of inventory. More than 6 months would be an oversupply of Bend Homes, and less than 4 months would be an undersupply. Here are the important numbers and what they indicate:
- Less than 2 Months of supply will push prices up
- 3 to 4 Months of supply will pressure prices up
- 5 to 6 Months of supply is balanced with little fluctuation in value
- 7 to 8 Months supply will pressure prices down
- Over a 9 Month supply will push prices down
Median Sale Price
Median is “in the middle”, not be confused with average (or mean). For a Bend Home Sale Price, it means half of homes listed are above this price and half are below. For example, let’s say there are 5 homes for sale in a market at prices of $275,000, $300,000, $350,000, $450,000, and $700,000. The Median Price would be the one in the middle, or $350,000. Data nerds and Statisticians agree that median is a better indicator of the “typical” home within an area because it is not affected by the extreme highs and lows that are not representative of a city.
Number of Days on Market
This tells us how long Bend homes remain as Active listings before the move to Sold status. The national average is 80 days on market. Below that indicates a hotter market, above that indicates a slower market. For Bend, it’s not uncommon to see longer Days on Market during our colder months.
There are other considerations, of course, but we always run these numbers and then add other calculations in depending on the individual property, neighborhood, home size, and more.
Bend Homes for Sale
Would you like to see the homes currently listed for sale in the Bend Oregon area?