Posts from August 7th, 2020
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7
Bend Oregon Real Estate | July 2020 Trends
Bend Real Estate Sales Were Exceptional in July 2020
We have been actively involved with Central Oregon real estate sales since 2000, and despite the boom and bust years, 2020 has proven, year to date, to be among the most phenomenal years we have ever seen - with July the pinnacle so far.
Ask any Bend real estate agent what is the situation with Bend home sales and they will tell you there is a severe lack of inventory. Many listings receive multiple offers, pushing the price up and discouraging buyers who lose out. Cash buyers have an upper hand, especially as prices reach a place where there is doubt the property will appraise. We are seeing new listings hitting the market at prices which just 6 months ago would have been unheard of. And we are surprised to see many of these homes selling even beyond that inflated price.
When July 2020 sales are compared with July 2019, Bend single family home sales on less than an acre show the following trends:
- Average sales price up 12.1% to $612, 465*
- Median sales price up 12.6% to $529,000
- Average list price up 9.2% to $638,953
- Median list price up 5.9% to $524,450
- Number of new listings down 8.4% to 274
- Homes for sale down 75.6% to 244
- Pending sales up 153.1% to 620
- Sold homes up 31.1% to 320
- Months of supply down 81.1% to 1 month
- Average price per square foot up 7.9% to $286
- Median price per square foot up 10.2% to $269
- Median percentage of list price received 100%
- Dollar volume of sales up 47% to $195,988,952
Will the Upward Trends Continue for Bend Home Sales?
The two charts below show pending sales and months of inventory for Bend single family homes on less than an acre. The demand is extreme and the amount of homes minute. While new construction is happening in Bend, it cannot keep up with the demand. As long as people continue to move to Central Oregon, these trends will remain.
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