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Bend Oregon Real Estate | February 2021 Trends
Bend Real Estate Sales Remarkable in February 2021
It has been a full year since the Covid-19 pandemic hit America and the resulting Stay at Home orders were implemented in most states. When the pandemic first came to the Bend real estate market, we thought that sales would be impacted negatively - and this was the case initially. When businesses shut their doors and laid off employees, brokerages followed suit and turned to the internet and virtual connections with clients. Within Bend Premier Real Estate, the use of our Matterport 3D tours became a major tool to enable buyers to "see" homes without actually entering the property. Bend Premier brokers looked to utilize virtual tools as much as possible to keep business going.
However, unexpectedly Bend real estate sales started to soar with lack of inventory the number one impediment. Buyers from large cities discovered that working from home opened avenues for relocating to a new home that fit a chosen lifestyle. Buyers had moved to Bend for decades due to the recreational opportunities, small town feel, and the stunning setting. Covid became the catalyst to push people to make a move to an area they really wanted to live, especially if it worked with their employment situation. Real estate sales boomed with far more demand than available homes. Low interest rates contributed to buyers' purchasing power but as bidding wars with escalating offers became the norm, cash usually won out over financing with appraisal concerns often cited. A full year into the pandemic real estate market, Bend home sales show little signs of slowing.
Lack of Inventory the Leading Issue with Bend Home Sales
When we compare February 2020, the start of the Covid-19 pandemic with February 2021, the following data can be noted with Bend single family home sales on less than an acre:
- Average sales price up 25.9% to $711,883*
- Median sales price up 28.4% to $590,000
- New listings down 13.5% to 179
- Homes for sale down 78.4% to 135
- Pending sales up 91.4% to 245
- Number of sold homes down 8.6% to 117
- Median days on market down 92.3% to 4
- Months of supply down 81.3% to 18 days
- Average price per square foot up 24.9% to $336
- Percentage of list price received up 3.5% to 102.2%
- Dollar volume of closed sales up 15.1% to $83,290,288
No End in Sight for Bend's Covid Real Estate Boom
Although there has been a slight uptick in days on market and mortgage interest rates have risen a bit, we do not yet see this as a a trend that will impact Bend home sales negatively. With home prices still being bid up and multiple offers still happening, we predict our market will continue the same trends for the next several months.
