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 Bend single family homes on less than an acre, the following can be noted:

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Will Coronavirus Change the Central Oregon Real Estate Market?

With the outbreak of the coronavirus worldwide, which has sickened thousands and created panic and uncertainty in our stock market, we are left to question if the effects will extend to the US real estate market, and more specifically to our local Central Oregon real estate market.

Coronavirus Pushes Down Interest Rates

Mortgage Interest Rates have already fallen to new record lows (3.29% as of March 5^th) as investors are taking money out of the volatile stock market and putting it into safer US Treasury Bonds. Historically, when bonds are strong, mortgage rates go down.

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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 fo...

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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% to $525,000
• The months of inventory based on closed sales was down...

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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 difference was down 1% from 97% to 96%
• The average price per square foot was up 6.5% fr...

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