According to December 2018 Central Oregon MLS statistics for Bend single family residences (excluding condos and manufactured homes) on 1 acre or less, the market cooled down again, with sales volume decreasing by about 16 percent from December 2017. The median sold price increased slightly from $433,143 in November 2018 to $438,632 for December 2018. The year-to-year median sales price gain from $395,000 in December 2017 represented a gain of 11 percent. Median price per square foot increased from $216 in December 2017 to $252 for December 2018, representing about a 17 percent gain. This is likely reflective of the higher price level of December 2018 sales.
Sales of homes under $500,000 for December 2018 represented 67 percent of total sales as compared to 75 percent for December 2018—probably reflecting the rise in prices and inventory levels.
The decline in inventory and rise in prices are not a good sign for buyers, with home price growth continuing to exceed wage growth. The relative stability of mortgage rates has been helpful, and hopefully things will improve as more inventory hits the market.