The February real estate stats are out, prompting a discussion amongst our group about the interpretation and representation of statistics. It is interesting that one person can read a set of numbers one way, while another can see the same data and interpret it differently. One thing we all agree on, is that our perspective is drawn from a frame of reference created from our experience, engagement, and longevity in the business- the way one of us may see the data, can vary from the way another one may see it based on those factors and more. It is always our intent to be authentic and genuine in our interpretation and reporting of statistics, erring on the side of caution when there’s uncertainty, it’s our sincere hope that the representation we share is received as just one perspective of many!
Here are the numbers for Bend and Redmond…
(*Stats are reflective of the sales in February of 2023 for single-family residential, not including condominiums, manufactured home, and acreage properties. Data is courtesy Central Oregon Association of Realtors and The Beacon Report.)
Median Sales Price- $660,000, down from $685,000 in January. This follows a declining trend since August of 2022, when the median sales price was in the $700,000s.
For some perspective, the median sales price in Bend was $460,000 in February of 2020, $575,000 in February of 2021, and $683,000 in February of 2022.- A 43.48 percent increase from February of 2020 to February of 2023.
Days on Market- 51, up from 36 in January of 2023, and the highest we’ve seen since March of 2020.
Buyers can breathe a little knowing they have time to make a purchasing decision. During the Pandemic-driven frenzy, we were seeing mostly single-digit days-on-market, often at just 4, or 6 days, with a few months clocking 10,11, or even 12. 51 is a significant change from those days, but more in-line with a regular market in Bend, and more favorable for buyers who want time to scout properties, make a decision, and put together a well-thought offer.
Cost Per Square Foot- $315, down from $335 in January, and a continuation of a downward trend since October of 2022. At the peak of the market, the median price per square foot was $389 (March 2022).
For historical reference, the median cost per square foot was; February 2020- $221, February 2021- $297, February 2022- $355.
Supply of Inventory, in Months- Bend has 1 month of inventory, unchanged from January.
Median Sales Price- $440,000, up from $420,000 in January, reversing the downward trend Redmond has been experiencing since September of 2022.
For perspective on the Redmond Median home price was $317,000 in February of 2020, $373,000 in February of 2021, and $483,000 in February of 2022.- A 38.8 percent increase from February of 2020 to February of 2023
Days on Market- 56, up sharply from 42 in January, and still the highest number of days on market in Redmond since March of 2020, which was 76.
Cost Per Square Foot- $280, up from $267 in January.
For historical reference, the median cost per square foot was February 2020- $187, February 2021- $218, February 2022- $288.
Supply of Inventory, in Months- Redmond has 1.4 months of inventory, down from just a notch from 1.5 months in January.
Redmond’s median went up, while Bend’s declined. Redmond’s affordability and slightly greater availability of supply appears to be favorable to buyers, who may be priced out of the Bend market, or simply cannot find what they want. The longer time on the market in both areas is a good indication that buyers are taking their time deciding and do not feel the pressure of the pandemic-era real estate market.