Bend Oregon Luxury Home Sales - Third Quarter 2020 Trends

Posted by Bend Premier Real Estate on Tuesday, October 13th, 2020 at 11:42am.

Bend Oregon Luxury Homes

Lack of Inventory a Big Issue in Bend Luxury Home Sales

As is the case in all of Bend real estate, Bend luxury homes are also suffering from a lack of inventory. Since our last post in July, 2020 exclusively looking at the high end market, Bend homes sales over $1,000,000 on less than an acre have continued to be strong with 106 closed third quarter 2020.  This compares with 40 in 2019 and 31 in 2018. For 2020, the price per square foot on closed sales averaged around $400 with the high just under $800. These prices should rise as more and more demand is made on Bend housing, driving the price of some smaller homes above $1,000,000.

 Bend Luxury Home Sales

As the chart above shows, Bend home sales over $1,000,000 are way up this year. Depending on the property, multiple offers are often driving the price even higher than the listing price which is why cash offers are often beating out higher offers involving a loan for fear the property will not appraise. 94 new listings hit the market during third quarter with 106 selling - a net deficit of available inventory.  This in turn is leading to a stronger seller's market in which price increases can be anticipated to continue for some time to come.

 

Bend Luxury Homes

Leave a Comment

© 2020 Oregon Datashare (KCAR | MLSCO | SOMLS). All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Oregon Datashare. Real estate listings held by IDX Brokerage firms other than Bend Premier Real Estate are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing Brokers. Information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. The consumer will not copy, retransmit nor redistribute any of the content from this website. Information provided is deemed reliable, but not guaranteed. Listing courtesy of Bend Premier Real Estate. Data last updated: October 31st, 2020 at 10:00am PDT.