Bend Home Prices Up With Inventory Levels Down

Central Oregon is now in the fall season and typically during fall, Bend real estate sales drop. However, Bend single family home sales in October 2020 were anything but typical with sales breaking historic records. Speed forward to October 2021. While lack of inventory is still impacting prices, compared with the frantic fall sales of 2020, home sales in October 2021 seem more measured with offers often undergoing counter offers and negotiations on home repairs back with most transactions. This is a win for Bend homebuyers and for sellers, a strong sellers' market makes it a great time to list.

When October 2021 is compared with October 2020 for Bend single family homes on less than an acre, the following changes can be seen:

• Average sales price up 15.9% to $767,405*
• Median sales price up 15.8% to $645,000
• New listings down 30.6% to 159
• Homes for sale down 56.6% to 238
• Pending sales up 46.5% to 372
• Sold homes down 16.2% to 212
• Median days of market up 100% to 8
• Months of supply down 61.5% to 1
• Average price per square foot up 20.8% to $384
• Median price per square foot up 17.3% to $353
• Average percentage of list price received down .9% to 100.6%
• Dollar volume of closed sales down 2.9% to $162,689,776

As can be noted, home sales are down, new listings are down, inventory levels are down and prices are up. There is still a significant demand for Bend single family homes which continues to drive home prices. 

Predictions For Bend Real Estate Sales the Rest of 2021

Despite cooling temperatures as we move toward late fall, Bend home sales are still strong - and we anticipate they will remain this way through the remainder of 2021. Mortgage interest rates are predicted to rise in 2022, but as long as rates stay relatively low, homebuyers are purchasing. We predict more of the same through the rest of 2021.