How High Can Bend Home Prices Go?

It seems that every month we are breaking records with Bend single family home sales. Since coming out of the great recession, Bend has experienced high demand for available housing leading to an increase in home prices. But since the Covid-19 pandemic and the resulting "stay at home orders" and recognition that working from home can be a viable option for many Americans, the increase in the number of people wanting to move to Bend has risen beyond that ever seen before. The lack of property for sale has resulted in tremendous price increases, with the median price of a Bend single family home on less than an acre up 67% above what it was in February 2020 when the pandemic began. While builders have tried to keep up with the demand, the price increases in building materials and subcontractor...

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Lack of Supply Among the Biggest Challenges for Bend Real Estate Sales

January 2022 began the New Year with the same Bend housing market trends we experienced in 2021 - little inventory with a lot of demand. Bend Premier Real Estate Brokers are working with many buyers who are often discouraged when the available homes are sold before they can offer or end up in bidding wars. But with persistence, many of these buyers do successfully close on their Bend home and enjoy the many benefits of homeownership. 

Now may be among the very best times to be a Bend home seller. Prices are up, pending sales are up, inventory levels are down, and buyers are paying top dollar for Bend single family homes. Prices reached an all time high in 2021, but they are starting even higher in 2022. We expect Bend homes to continue to experience great demand in 2022 and prices to continue to rise, but perhaps at not as steep a rate as in 2021.

When January 2022 sales for Bend single family homes on less than an acre are compared with those from January 2021, the following changes can be seen:

• Average sales price up 17.4% to $784,756*
• Median sales price up 17.8% to $683,000
• New listings up 3.5% to 146
• Homes for sale down 68% to 113
• Pending sales up 69.9% to 260
• Sold homes down 14.4% to 131
• Median days on market up 125% to 9
• Months of supply down 68.8% to half a month
• Average price per square foot up 18.4% to $392
• Median price per square foot up 19.7% to $364
• Average percentage of list price received down 1.9% to 100.1%
• Dollar volume of sold homes up .5% to $102,803,041

We Need Bend Real Estate Listings!

With home prices up, inventory levels down, Bend home sellers are recognizing the importance of listing now before the typical spring selling season when added competition may impact the sales price. Our Brokers are professionals who know how to price and market a home to best represent it and obtain good offers.

 *Data from Multiple Listing Service of Central Oregon

Lack of Inventory the Most Important Factor Impacting Bend Real Estate Sales in 2021

2021 has come to a close and the Bend housing market has broken records when it comes to volume, price and inventory levels. The huge influx of residents moving to Bend which started with the 2020 Covid-19 pandemic continued in 2021. Bidding wars, multiple offers, and a general lack of inventory drove prices higher than they have ever been. Builders have not been able to keep up with the demand and the supply shortage of building materials has impacted the pace by which new homes can be completed.

When 2021 is compared with 2020, the sale of Bend single family homes on less than an acre show the following trends:

• Average sale price up 26.6% to $774,860*
• Median sales price up 27.7% to $645,000
• New listings up 2.4% to 2692
• Homes f...

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Bend Home Buyers and Bend Home Sellers Have a Different Perspective

After months of seeing record breaking prices where multiple offers, bidding wars, and buyer panic was the norm, we are finally seeing this historic balance between buyers and sellers start to reverse both nationally and in our Bend Real Estate market. The major reason for this… Buyers have simply had enough! Although those saying it's a good time to sell reached another record high according to a recent Fannie Mae survey, home sellers saying it's a good time to buy also reached an all-time low. We are certainly seeing this trend locally as well with an end to the recent "panic" buying and even a lot of "price improvements" as buyers are no longer willing to pay thousands or even tens of thousands of dollars over asking price.

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What's in the August 2021 Newsletter?

• Bend Real Estate Trends Starting to Shift
• Tumalo Falls a Must Hike
• What's Up With Bend Luxury Homes?
• A Taste of the Old World
• Creating the Home Office of Your Dreams