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
