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% to $386
- Median price per square foot up 34.1% to $362
- Average percentage of list price to sales price up 2% to 102.2%
- Dollar volume of closed sales down 9.4% to $180,202,592
Bend Inventory Levels Rising
Probably one of the best things we can report for buyers is that inventory levels are rising. Bend's inventory levels have been just a few weeks for some time. The data from August shows inventory levels above a month for the first time in several months. While still reflecting a very strong sellers' market, there are more choices now for buyers and the frantic multiple offers we have seen over the past year on many new listings have settled down to a more reasonable level with fewer bidding wars and even price reductions on some properties. Compared with July 2021, there has been a slight reduction in both average and median sales price, which is encouraging for home buyers. Although significantly higher prices than the same month a year before, the decrease in prices compared with earlier in the year may mean we will return to a more balanced market in 4th quarter.
Predictions for 4th Quarter
We are not living in 2008 when the quick rise in home prices resulted in the bubble bursting with the housing crisis and recession we lived through in 2009-2012. This current rise in prices has been triggered by tremendous demand and insufficient inventory to meet that demand. Real estate markets such as those in Bend Oregon have seen phenomenal growth in the last decade with new construction not keeping up with the growing population. This trend has been seen throughout the country, but it has been exceptional in markets such as Bend resulting in this rapid rise in home prices. In February, 2018, the median sales price for a Bend single family home on less than an acre was $409,500. In July 2021, a new record was broken when the median sales price for a single family home reached $666,500, a 63% increase. With interest rates remaining low, and with demand still strong, we believe that Bend Oregon Real Estate prices will rise through 4th quarter 2021, although not as steep a rate as experienced over the past year.
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