Lack of Inventory Impacting Bend Real Estate
A mild winter and continued high demand has led to a boom for February 2020 home sales in Bend. When the February 2020 sales of Bend single family homes on less than an acre are compared with February 2019, the following changes can be noted:
- Homes for sale down 36.7% to 252*
- Homes sold up 17.6% to 127
- Homes pended up 51% to 219
- Average price per square foot up 7.3% to $265
- Average days on market up 10.1% to 131
- Sold/Original listing price difference percentage unchanged
- Average active price up 13.2% to $771,000
- Average sold price up 11.7% to $564,000
- Months of inventory down 46.1% to 2
Bend Home Sales Not Following Normal Trends
Winter is typically a slower time for Bend home sales. Snow and inclement weather impacts the ability of buyers to view homes and sellers will often take their property off the market during the winter months. 2020, however, has brought very little snow to Bend and the available active homes for sale have seen a lot of demand with buyers purchasing at record levels. The 51% increase of pended homes during February is tremendous with these sales more similar to those of spring. And the average active price up to $771,000 is the highest figure ever seen. Will it continue? And how will the Corona Virus impact housing? Our next blog will look into this.
*Data from Central Oregon MLS.
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