Lack of Inventory Impacting Bend Real Estate Sales
The June 2020 MLS figures have been published and it is clear that a lack of inventory is greatly impacting Bend home sales. Ever since coming out of the great recession, we have been in a seller's market with less than six months supply of homes. However, despite the Covid-19 pandemic (or perhaps because of it), we are seeing many home buyers actively searching for Bend homes and now have less than 1.5 months supply. For Bend properties priced less than $400,000, our brokerage has been involved in several multiple offers - some as high as nine offers on the same home. This is creating a sense of desperation for some looking for a Bend home this summer.
When June 2020 is compared with June 2019, Bend single family home sales on less than an acre reflect these changes:
- Average sales price is up 15.5% to $603,020*
- Median sales price is up 4% to $463,000
- Original average list price up 10.7% to $640,247
- Original median list price up 12.9% to $525,000
- New listings down 19.1% to 246
- Homes for sale down 66.7% to 329
- Pending sales up 116.5% to 511
- Homes sold down 3% to 229
- Months of supply down 71.2% to 1.5
- Average price per square foot up 7.5% to $238
- Median price per square foot up 5.6% to $262
- Dollar volume of closed sales up 12.1% to $138,091,640
Does the Urban Flight to Rural Areas Matter to Bend OR Real Estate?
We have been reporting how the Covid-19 pandemic appears to be encouraging city dwellers to rethink living in an urban area and instead, consider relocating to the suburbs or even a more rural location where a home office and a yard can positively impact a "stay at home" situation. In discussing this with our Bend Premier Real Estate Brokers, we are hearing that many of the buyers they are working with have this thought process and believe that Bend Oregon may be the perfect place for them to experience a new lifestyle. The urban flight is impacting home buyers in Bend. We have very little inventory and great demand. Now is a perfect time to list Bend homes.
* Data from Multiple Listing Service of Central Oregon
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