Lack of Inventory Remains the Biggest Issue for Bend Real Estate Sales
This summer has seen some of the biggest increases in Bend home values coupled with the greatest demand. Multiple offers driving home prices up, far more buyers than available properties, and low interest rates have all contributed to our current Bend real estate market in which listings are key to sales.
When September 2020 Bend single family home sales on less than an acre are compared with sales from September 2019, the following changes can be noted:
- Average sales price up 26.6% to $671,559*
- Median Sales price up 25% to $549,950
- New listings up 25.2% to 273
- Available homes for sale down 77.9% to 199
- Pending sales up 126.6% to 494
- Sold homes up 30.3% to 284
- Medium days on market down 72.7% to 6
- Months of supply down 83% to 3 weeks
- Average price per square foot up 16.5% to $303
- Medium price per square foot up 12% to $270
- Percentage of listing to sales price received up 1.6% to 100.5%
- Dollar Volume of closed sales up 64.9% to $190,772,787
When a new listing hits the market, there is tremendous interest and if that property is priced appropriately, we are seeing multiple offers driving the price up. Often the winner of the bidding war is the cash offer as this takes away the need for the property to appraise and ends up setting the new value for the neighborhood.
What Are Our Predictions for Bend Home Sales for 4th Quarter 2020?
We do not see an end to the demand for Bend homes. When driving around town, we are seeing license plates on cars from all over the country. People have found Bend - and want to move here. With this demand, prices will continue to increase until we reach a point in which buyers will not or cannot pay the price. At that point, inventory levels may start to increase resulting in a more balanced Bend real estate market.
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