How High Can Bend Home Prices Go??
The sales figures for June, 2021 have been published and Bend home prices continue to rise as demand is still outpacing supply. However, there appears to be a slight softening of the market as we enter July with extreme heat and the normal real estate trends connected with graduation and vacations coming back as the state moves out of Covid restrictions. Whether or not these trends continue have yet to be determined.
Bend Real Estate Costs a Lot More Than It Used To
When comparing June 2020 Bend single family home sales on less than an acre to June 2021, the following changes can be seen:
- Average sales price up 40.3% to $842,157
- Median sales price up 38.5% to $640,000
- New listings up 19.1% to 299
- Homes for sale down 75.9% to 181
- Pending sales up 101.3% to 469
- Sold homes up 7.8% to 250
- Average days on market down 84.4% to 7
- Median days on market down 81% to 4
- Months of supply down 82.1% to 3 weeks
- Average price per square foot up 39.7% to $401
- Average percentage of list price to sales price up 6.6% to 105.1%
- Dollar volume of sold homes up 51.2% to $210,539,367
Increase in Bend New Listings Encouraging
Although prices are still rising (up 40% over the same month a year ago), the number of new listings is also up, which is extremely encouraging; the lack of inventory has been one of the main reasons Bend homes have undergone multiple offers which has resulted in such dramatic price increases. Although Bend has 19% more new listings than a year ago, the dollar volume of homes closed is up over 50%. It will be interesting to see how the added inventory impacts prices during July.
