Lack of Inventory Impacting Bend Luxury Home Sales

2020 was a year that will be remembered in the history books. In January and February 2020, real estate sales were great across the country with low interest rates leading the way enabling buyers to afford more than they could in the past. Low inventory levels were making sellers realize that listing in the winter could be a good decision and Bend Oregon real estate sales were breaking records.  Then the Covid-19 pandemic hit and the subsequent recession and work-from-home orders made many believe Central Oregon real estate sales would drastically drop. However, after the initial shock, Bend home sales came roaring back when the pandemic made people realize that if they were to work from home, home could be where they really wanted to live as long as a good internet connection was available.  Cities like Bend became the destination of many across the country as people left high density, urban areas and moved to smaller...

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2020 Had Unexpected Results for Bend Real Estate Sales

Who would have thought when 2020 began that we would be hit with a world wide pandemic, recession, work from home orders, and a Bend real estate market that was unprecedented in its volume of sales, increase in home prices and lack of inventory.

When 2020 is compared with 2019, the following reflects the sales of Bend Oregon single family homes on less than an acre:

• Average home price up 15% to $611,764*
• Median home price up 11.6% to $502,000
• New listings down 3% to 2623
• Number of homes for sale down 32% to 552
• Pending sales up 21.2% to 2838
• Sold homes up 10.9% to 2596
• Median days on market down 52.2% to 11
• Months of supply down 35.7% to 2.7 
• Average price per square foot up 10.2% to $291
• Median price per square foot up 10.3% to $268
• Average percentage of list price received up 1% to 99.9%

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Bend Oregon New Home Prices Expected to Rise

The demand for Bend Oregon housing over the past year has broken records. With less than a month supply of single family homes for sale, builders have been working hard to bring new product onto the market. However, the demand has not kept up with the supply and more and more buyers are not able to purchase a home they can afford.

Besides the changes that great demand has made to Bend new home prices, there is another important issue connected with housing affordability - the price of lumber. Since the beginning of the pandemic in March when lumber prices dropped initially, the price of lumber has climbed at a tremendous rate, reaching a high of almost $1000 per thousand board feet in September before prices dropped in October. However, with decent weather and great demand, builders continue to build into the late fall and lumber prices are rising again. Traditionally lumber pri...

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Bend Home Prices Up And Inventory Levels Down

The Bend real estate trends continued their 2020 pattern in November with prices up significantly over November 2019 and the inventory of available single family homes for sale down. The demand for Bend housing sometimes appears desperate with multiple offers the norm on most new listings and most buyers disappointed as their "highest and best" offer isn't sufficient to "win the home." 

Comparing November 2020 with November 2019 sales for Bend single family homes on less than an acre, the following trends can be seen:

• Average sales price up 23.2% to $640,366*
• Median sales price up 24% to $537,000
• New listings down 6% to 126
• Homes for sale down 80.7% to 144
• Pending sales up 96.5% to 336
• Sold homes up 22.9% to 209
• Median days on market down 81.8% to 6
• Months of supply down 84.6% to 2.5 weeks
• Average price per square foot up 18.8% to $316
• Median price per square foot up 18.8% to $297
• Average percentage of list price to sales price up 1.8% to 100.8%
• Dollar volume of closed sales up 51.4% to $133,836,432

More Bend Home Sales Happening Than New Listings Coming Onboard

As has been the case all year, almost every month of 2020 has seen more sales of Bend homes than new listings entering the market. The data shows November had only 2.5 weeks of inventory for Bend homes - a balanced real estate market has 6 months of inventory. With people still moving to Bend, the demand for homes continues to be strong. Within Bend Premier Real Estate, our brokers are finding more and more buyers are willing to look outside of Bend for homes they can afford and can have success in making an offer that is accepted. Prineville is becoming a great option to buyers looking to move to Central Oregon.

* Data from Central Oregon MLS

Inventory Levels Less than a Month for Bend Real Estate

The October 2020 figures have been published for Bend single family home sales on less than an acre. The results continue the trends we have been experiencing this year - recording breaking low inventory, record breaking demand and record breaking home prices. The inventory of available Bend single family homes for sale has now reached a desperate level of less than half a month of supply.  This has created a situation where multiple offers are the norm, days on market historically low and prices escalating at a rate that we believe is unsustainable.

When October 2019 sales figures for Bend single family homes on less than an acre are compared with those from October 2020, the following changes can be noted:

• Average sales price up 21.5% to $669,699*
• Median sales price up 19.1% to $560,000
• Average listing price up 11.4% to $638,699
• Median listing price up 19.6% to...

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