Bend Single Family Home Sales Trends Changing

Are we getting back to a normal, seasonal adjustment to Bend real estate sales? Typically Bend single family home sales drop off in the fall once children start back to school and regular fall activities resume.  Bend's usual homebuyer in the fall includes retirees, the second home buyer and investors.  However, Bend home sales fall of 2020 did not drop off with homebuyers snapping up available property at amazing levels through the end of October. Sales remained above normal even through the holidays.

As we reported in an earlier blog this year, Bend home sales started shifting from the frantic buying seen over the past 12 months to a more normal level in July, 2021 and this trend has conti...

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Lack of Inventory Triggering Escalating Sales Prices for Bend Homes

The figures are in for Bend single family home sales in March 2021. It has been a full year since Covid-19's impact on Bend home sales initially was felt and the resulting demand for Central Oregon homes began impacting our local housing market. We have had a year of tremendous buyer demand and Bend real estate sales which have broken records. Multiple offers and bidding wars have pushed Bend home prices to never before seen levels with cash offers typically beating out any offer involving financing. Entry level buyers have found Bend unaffordable and have determined Redmond, Prineville, LaPine and Madras may work better for their finances. The housing boom in Central Oregon is very real and it remains to be seen how long it will continue with buyer demand far exceeding supply.

When March 2021 is compared with March 2020, the following data can be noted for Bend single family home sales on less than an acre:

• Average sales price is up 40.7% to $776,573*
• Median sales price is up 32.2% to $597,500
• Number of new listings down 8.2% to 225
• Homes for sale down 84.9% to 99
• Pending sales up 103.7% to 385
• Sold homes down 6.3% to 177
• Median days on market down 76.5% to 4
• Months of inventory down 87.9% to 12 days
• Average price per square foot up 40.9% to $365
• Median price per square foot up 36.2% to $331
• Average percentage of listing to sales price up 5% to 104.2%
• Dollar volume of sales up 31.7% to $137,453,417

It should be emphasized that the number of sold homes are down 6.3% compared with 2020, yet the dollar volume of sales is up 31.7%. Bend home prices are on such an upward trend that appraisers are having a hard time justifying some of the prices and we are seeing homes not appraising, despite the huge demand and multiple offers. It is challenging to be a buyer in this market, especially a buyer that needs to finance their home purchase. 

Will Bend Real Estate Sales Continue With Early 2021 Trends?

We do not see any end to what we have experienced year to date with Bend home sales. Our low inventory of less than 1/2 a month supply remains a key indicator of Bend real estate sales. If/when this figure starts to increase, we will know that we are starting to move towards a more balanced market.

*Data from Central Oregon MLS

Redmond Oregon Home Sales Reflect Great Buyer Demand

Redmond Oregon home sales have been in high demand over the past year.  Although not involving the high end homes that are now such a component of Bend real estate sales, Redmond real estate sales have been tremendously strong since the Covid-19 pandemic hit with home prices and inventory levels reflecting an extremely strong sellers' market.

We made a comparison of 1st quarter 2020 with 1st quarter 2021 single family home sales in Redmond on less than an acre. The following trends can easily be seen:

• Average sales price is up 28% to $450,328*


• Median sales price is up 22.6% to $400,000


• New listings are down 9.1% to 291


• Homes for sale are down 64.1% to 118


• Pending sales...

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Lack of Inventory Impacting Bend Luxury Home Sales

2020 was a year that will be remembered in the history books. In January and February 2020, real estate sales were great across the country with low interest rates leading the way enabling buyers to afford more than they could in the past. Low inventory levels were making sellers realize that listing in the winter could be a good decision and Bend Oregon real estate sales were breaking records.  Then the Covid-19 pandemic hit and the subsequent recession and work-from-home orders made many believe Central Oregon real estate sales would drastically drop. However, after the initial shock, Bend home sales came roaring back when the pandemic made people realize that if they were to work from home, home could be where they really wanted to live as long as a good internet connection was available.  Cities like Bend became the destination of many across the country as people left high density, urban areas and moved to smaller...

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2020 Had Unexpected Results for Bend Real Estate Sales

Who would have thought when 2020 began that we would be hit with a world wide pandemic, recession, work from home orders, and a Bend real estate market that was unprecedented in its volume of sales, increase in home prices and lack of inventory.

When 2020 is compared with 2019, the following reflects the sales of Bend Oregon single family homes on less than an acre:

• Average home price up 15% to $611,764*
• Median home price up 11.6% to $502,000
• New listings down 3% to 2623
• Number of homes for sale down 32% to 552
• Pending sales up 21.2% to 2838
• Sold homes up 10.9% to 2596
• Median days on market down 52.2% to 11
• Months of supply down 35.7% to 2.7 
• Average price per square foot up 10.2% to $291
• Median price per square foot up 10.3% to $268
• Average percentage of list price received up 1% to 99.9%

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