Bend Oregon Real Estate Trends

Bend Luxury Homes are Selling!

Ever since coming out from the housing recession, the value of Bend single family homes on less than an acre has increased. From an average sales price of $230,000 in spring of 2011, Bend home values have gone up to exceed $547,000 June 2020.  During the same time, the months of inventory have dropped from 13.3 months to less than 2 and the price per square foot has risen from $113 to $268. From a low of two $1,000,000 plus Bend homes on less than an acre selling in all of 2010, June 2020 alone saw 23 sold.*

Bend Premier Real Estate brokers are currently working with many million dollar buyers, and people calling the office or registering on the company website are frequently searching for high end listings.

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 Real Estate Sales Impacted by Covid-19 Pandemic

The May 2020 real estate sales figures have been published and the second full month of the Covid-19 pandemic and its subsequent impact on the Bend economy is over. Contrary to the thought process of many, Bend single family real estate sales were extremely strong in May. The biggest limitation to sales was the lack of inventory with sellers either delaying listing or pulling listings off the market. Buyers, however, have entered the market in force and are purchasing Bend single family homes, driving inventory levels below 2 months.

When May 2020 is compared with May 2019, Bend single family homes on less than an acre show the following changes:

• Average sales price down .5% to

Bend Real Estate Sales Down in April

The first full month of the Covid-19 pandemic impacted Bend single family homes with sales significantly down over the same month in 2019. Some buyers lost jobs which in turn kept them from qualifying for their mortgage. In other cases, sellers took their homes off the market not feeling confident to sell during the stay at home orders. Other buyers delayed their trips to Bend and canceled appointments to view homes. While Bend home sales still are occurring, it is different than it was before Covid-19.

When April 2020 Bend single family home sales are compared with April 2019, the following differences can be noted:

• Homes available for sale down 16% from 971 to 811*
• New active listings during the

NAR Predicts Home Prices Will Still Rise

Some Highlights

• According to Lawrence Yun, Chief Economist at NAR, home prices are forecasted to rise.
• Results from the Existing Home Sales Report note that home sales declined in March due to the coronavirus, but prices are still strong.
• Let’s connect so you can better understand your home’s value today.

Central Oregon Real Estate Sales Feeling Impact of Covid-19 Pandemic

The March 2020 real estate trends have been published and they reflect both the start of the Covid-19 pandemic and the closings from strong February home sales. Central Oregon schools shut down Friday, March 13th and stay at home became the norm the following week.  Since the start of the pandemic, home sales have dropped, new listings have slowed, and more sale fails than normal have occurred, often due to buyers losing jobs and no longer qualifying for loans.  However, Central Oregon real estate sales are still happening, although at a different rate than normal for this time of year.

Bend Home Sales Mixed

When March of 2020 is compared with March of 2019 for the sales of

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

Bend Home Sales Surging

The Bend real estate market has been strong since coming out of the recession.  However, the figures from January 2019 were beyond expectations with the number of new ratified sales contracts hitting new highs.

When January 2019 is compared with January 2018, the following trends can be noted for Bend single family residences on less than an acre of land:

• Homes for sale were down 29.6% to 269*
• Homes sold up 3.1% to 131
• Homes pended up 24.6% to 177
• The average price per square foot on sold home was up 6.1% to $259
• The days on market were up 1.6% to 130
• The sold/original listing price difference was up 1.1% to 96%
• The average active price was up 5.8% to $752,000
• The average sold price was up 6.7%

Bend Home Sales 2019 Show More of the Same

As we move from 2019 to 2020, it is always good to look back and see how the sales from one year may affect the next. For Bend Real Estate in 2019, the trends provided more of the same with lack of inventory impacting home prices, days on market and closed sales.

When the 2018 figures from Bend single family homes sales on less than an acre are compared with those from 2019, the following can be seen:

• The numbers of homes offered for sale were down 17.2% from 396 to 328 at the end of the year
• The numbers of homes sold were down 4.2% from 2452 to 2352
• The number of homes pended were down .8% from 2417 to 2397
• The average days on market were unchanged at 103
• The sold/original listing price

A Surprising Number of New Bend Home Sales in November

Traditionally as the weather cools and we move toward the end of the year, Bend home sales decrease. There are fewer buyers actively looking for homes in the winter and the holiday celebrations of most families impact real estate sales.

This year, however, there has been a large uptick in the number of Bend homes which went into contract during November.  When Bend single family home sales in November 2019 are compared with those from November 2018, the following changes can be noted:

• The number of homes for sale are down 10.5% to 408*
• The number of homes sold are down 1.8% to 167
• The number of homes pended are up 23.6% to 183
• The average price per square foot on sold homes is up