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 listings up 32.6% to 256
• Homes for sale down 81.99% to 119
• Pending sales up 149.7% to 427
• Sold homes up 39.8% to 239
• Median days on market down 55.6% to 4
• Months of supply down 84.8% to 2 weeks
• Average price per square foot up 34.4% to $367
• Median price per square foot up 30.6% to $333
• Average percentage of list price to sales price up 4.5% to 104.2%
• Dollar volume up 84.7% to $183,866,121

When Will Bend Real Estate Sales Trends Change to a More Balanced Market?

Experts are telling us that by the end of the year they expert interest rates to rise slightly.  There is also an expectation as more people receive Covid-19 vaccinations, there will be more inventory on the market once sellers who are fearful of home showings gain confidence that opening their property to buyers will not result in them contracting Covid. Both of these items should result in more inventory with higher interest rates pushing some home buyers out of the market and confident sellers bringing their homes to market. Even a slight uptick in inventory can have a positive result for our Bend homebuyers.