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%

Redmond, La Pine, Prineville and Sisters All Showing Strong Single Family Home Sales

We have been focusing a lot on Bend real estate trends over the past year, but it is important to look at what has been happening in other cities in Central Oregon. We often look upon Redmond, La Pine and Prineville as wonderful towns in which home prices are more affordable and can be great options for buyers for whom Bend is too expensive. Sisters' home prices have been more comparable to those in Bend, but its unique lifestyle, size and location closer to the Willamette Valley make it a small town that may be a destination location for very specific buyers.

The real estate trends for Redmond, La Pine, Prineville and Sisters follow similar patterns to those

Bend Home Buyers and Bend Home Sellers Have a Different Perspective

After months of seeing record breaking prices where multiple offers, bidding wars, and buyer panic was the norm, we are finally seeing this historic balance between buyers and sellers start to reverse both nationally and in our Bend Real Estate market. The major reason for this… Buyers have simply had enough! Although those saying it’s a good time to sell reached another record high according to a recent Fannie Mae survey, home sellers saying it’s a good time to buy also reached an all-time low. We are certainly seeing this trend locally as well with an end to the recent “panic” buying and even a lot of “price improvements” as buyers are no longer willing to pay thousands or even

Bend Real Estate Sales Trends Starting to Shift

Ask most Central Oregon Brokers what happened with July 2021 real estate sales, and they will tell you that they saw a change to the market during the month. Although prices were up considerably over those from a year ago, compared with June, 2021, prices actually were down on average.  A good number of price reductions were seen on a daily basis and the pace and number of multiple offers on listings were dramatically down. Compared with a year ago, the trends we have seen over the past year remained consistent, but not at the extreme levels experienced during the Covid lockdowns. Some offers on properties are now experiencing counter offers and the days on market are lengthening.  It remains to be

Bend Luxury Home Sales Have Spiked in the Last Year

When we think of luxury homes in Bend, we have a vision of a grand property with stunning mountain or river views, lots of elbow room, and fabulous amenities. Easy location to access the Bend lifestyle, which includes proximity to downtown, the mountains, the river, and the Old Mill also checks a lot of homebuyer's luxury wish lists. Having an up-to-date architectural design and interior features are also important to many who are making Bend their home. Yet with so many people moving to Bend over the past year and with inventory supply not keeping up with demand, homes that are not considered luxury have pushed the million dollar market into never before seen figures.

The chart below outlines

Bend Oregon Real Estate Prices Escalated During Covid

We typically look at Bend real estate trends based on comparisons each month - seeing what the data shows the same month a year previously.  This has resulted in some startling information, especially when trends over the past year are reviewed. The Covid pandemic impacted the Bend Real Estate market in ways we never anticipated when the initial stay at home orders were given. However, to get a full idea on what has happened to Bend home prices, it is often very helpful to look at a longer timeline. 

Ten years ago Bend was just starting to turn around from the Great Recession in which poor lending practices led to the mortgage melt down. Real estate brokerages' businesses consisted of working

How High Can Bend Home Prices Go??

The sales figures for June, 2021 have been published and Bend home prices continue to rise as demand is still outpacing supply. However, there appears to be a slight softening of the market as we enter July with extreme heat and the normal real estate trends connected with graduation and vacations coming back as the state moves out of Covid restrictions. Whether or not these trends continue have yet to be determined.

Bend Real Estate Costs a Lot More Than It Used To

When comparing June 2020 Bend single family home sales on less than an acre to June 2021, the following changes can be seen:

• Average sales price up 40.3% to $842,157
• Median sales price up 38.5% to $640,000
• New listings up 19.1% to

Bend Home Prices Continue to Rise

The May 2021 Bend real estate single family home sales reflect a continued strong seller's market with home prices significantly up over the year before and lack of inventory impacting buyers' opportunities. Homes are often selling over asking price and bidding wars remain a challenging part of the home buying process. In some cases, buyers are losing out on multiple offers many times before finally obtaining an acceptance on an offer. However, if buyers can be flexible on location and condition, persistence is paying off for Bend home buyers.

The following list reflects the changes from May 2020 to May 2021 for Bend single family home sales on less than an acre:

• Average sales price up 30.2% to $715,922*

Bend Homes Priced Over Million Raising the Average Bend Real Estate Sale

We have reported how Bend Oregon home prices have risen over the past year, but we haven't looked exclusively at the trends for Bend Luxury homes. The demand for Bend's high end homes has escalated over the past year with the number of closed sales up over 100% in all the price categories we follow.* For homes over $2,000,000, the price per square foot is now over $600.  The months of supply for million dollar Bend homes is roughly four, a seller's market, and the median days on market is 11. Luxury homes listings are receiving their asking price on average 99.9% of the time. Multiple offers and bidding wars are normal for many Bend luxury homes when they hit the MLS hot

Bend Home Prices Historically High With Inventory Levels Historically Low

In some way, it feels like we are like a broken record that keeps repeating the same line. Bend home prices are way up and inventory levels are way down. Each month we wonder if we have reached the top (or bottom), but each month we are setting another record - and we don't see the trends changing anytime soon. This is by far the strongest seller's market we have ever seen in Bend with desperate buyers bidding home prices up to levels we have never seen.

When April 2021 is compared with April 2020, Bend single family home sales on less than an acre reflect the following:

• Average sales price up 32.2% to $769,314*
• Median sales price up 41.2% to $651,000
• New