Market statistics have been tricky to analyze this past year and average price points continue to bounce around with less consistency. In the graph above, Bend shows prices being up 9%, a $65k increase month over month. But that's not the whole picture and I think it's a bit misleading. Here is why... Bend usually sees 24% market share in the $1Million+ properties, with the rest of the sales happening around what we usually see as being the "avg market price". Right now, consumers in the "average" prices just aren't moving around as much. This past month 35% of sales happened in $1M+ range and that drove up the avg price point. I expect to see these numbers come back down as those shoppers hold off in the Winter and the market adjusts.
All 3 counties saw pending listings come down and new listings are down as well. This is to be expected as we enter the Winter months.
- Greg
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