Culture » Take Me Home

Stats Show Cooling Off in Price Growth

2018 Year-to-date median price up only 2 percent over 2017

by

comment
SUBMITTED
  • Submitted

Just as the weather cools in the fall, so does the typical real estate sales volume. According to September 2018 Central Oregon MLS statistics for Bend single family residences (excluding condos and manufactured homes) on 1 acre or less, the market is cooling down—as is traditionally the case.

For September, there were 196 home sales with 60 percent being in the $200,000 to $450,000 price range, 27 percent in the $450,000 to $650,000 price range and the remaining 13 percent in the higher price range. The median sales price is $425,000, up 2 percent over the September 2017 median sales price of $418,000. This represents quite a cooling from September 2017 when the median price rose from $385,000 in September 2016 to $418,000 in September 2017, representing a 9 percent increase.

Total year-to-date sales for the nine months ended Sept. 30 were up 3 percent over the same period last year, while the number of sales for the month of September 2018 were down by 5 percent from September 2017.

While the real estate market does fluctuate, this can be good or bad news. The important thing to remember is that October is historically a good month to buy a home, due to the typical seasonal decline. Prices tend to be lower, there is less competition and less chance of bidding wars and better service is available from mortgage brokers, real estate agents, and escrow/title companies as less volume enables more attention to your transaction. This applies to both buyers and sellers, but tends to work in favor of buyers during traditional cool-down periods.


Speaking of Central Oregon MLS, housing Prices

Add a comment

More by Nick Nayne, Principal Broker