Bend Real Estate Sales Trends Mixed

As we move into Fall, Bend home sales typically slow as those who need to move prior to school starting have already purchased and the normal slight uptick we see in September and October with retirees and second home buyers has not yet begun. In 2021, August single family home sales on less than an acre for Bend reflected a mixed market with prices and new sales up, but closed sales and new homes for sale down. When August 2021 home sales are compared with August 2020, the following changes are seen:

• Average sales price up 18.7% to $776,735*
• Median sales price up 19.8% to $635,063
• New listings up 5.8% to 273
• Homes for sale down 56.1% to 276
• Pending sales up 41.3% to 431
• Sold homes down 23.7% to 232
• Median days on market down 40% to 6
• Months of supply down 64.5% to 1.1 months
• Average price per square foot up 32.2% t...

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Bend Real Estate Sales Trends Starting to Shift

Ask most Central Oregon Brokers what happened with July 2021 real estate sales, and they will tell you that they saw a change to the market during the month. Although prices were up considerably over those from a year ago, compared with June, 2021, prices actually were down on average.  A good number of price reductions were seen on a daily basis and the pace and number of multiple offers on listings were dramatically down. Compared with a year ago, the trends we have seen over the past year remained consistent, but not at the extreme levels experienced during the Covid lockdowns. Some offers on properties are now experiencing counter offers and the days on market are lengthening.  It remains to be seen whether or not these trends will continue.

But when we look just at the differences between July 2021 with July 2020 on Bend single family home sales, the following trends remain dramat...

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Bend Luxury Home Sales Have Spiked in the Last Year

When we think of luxury homes in Bend, we have a vision of a grand property with stunning mountain or river views, lots of elbow room, and fabulous amenities. Easy location to access the Bend lifestyle, which includes proximity to downtown, the mountains, the river, and the Old Mill also checks a lot of homebuyer's luxury wish lists. Having an up-to-date architectural design and interior features are also important to many who are making Bend their home. Yet with so many people moving to Bend over the past year and with inventory supply not keeping up with demand, homes that are not considered luxury have pushed the million dollar market into never before seen figures.

The chart below outlines the last ten years of million dollar home sales in Bend. As you can see, from 2011 through 2014, high end home sales were almost nonexistent. Coming out of the great recession, it took time to sell all the accumulated inv...

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Covid 19 Concerns Are Real

Concerns over the spread of Covid 19 have quickly changed how we conduct real estate sales in Central Oregon over the past few weeks. Shelter in place, social distancing, travel constraints, economic concerns, social changes, and just an overall fear of catching the coronavirus has really impacted human behavior. As a result, we are seeing two distinctly different groups here at Bend Premier Real Estate when it comes to real estate transactions. 

Get me out!

The first group was the first to emerge as soon as the panic set in. With predictions of massive layoffs and record unemployment, we started to hear concerns of potential job loses and uncertainty...

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Bend Real Estate Prices Still Increasing

The September, 2019 data has been published and the price for a Bend single family home on less than an acre is still going up.  Although September is traditionally among Bend's biggest months for price reductions when sellers whose property did not sell during the summer lower the asking price to hopefully get a buyer before winter hits, Bend home sales in September 2019 still reflect higher prices than the same month a year before.  When Bend single family home sales on less than an acre in September 2019 are compared with September 2018, the following trends can be noted:

• Homes for sale down 6.7% to 556*
• Homes sold up 8.7% to 212
• Homes pended up 9.7% to 214
• Days on market down 4% to 95
• Sold/Original Listing Price difference unchanged at 0%
• Months of inventory down 16.4% to 2.6...

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