Bend Single Family Home Sales Trends Changing

Are we getting back to a normal, seasonal adjustment to Bend real estate sales? Typically Bend single family home sales drop off in the fall once children start back to school and regular fall activities resume.  Bend's usual homebuyer in the fall includes retirees, the second home buyer and investors.  However, Bend home sales fall of 2020 did not drop off with homebuyers snapping up available property at amazing levels through the end of October. Sales remained above normal even through the holidays.

As we reported in an earlier blog this year, Bend home sales started shifting from the frantic buying seen over the past 12 months to a more normal level in July, 2021 and this trend has continued through September. Although well priced properties are still experiencing multiple offers, the persistence of many potential homebuyers who did not give up is being rewarded. Most Bend homebuyers are finding properties, often without any other offers, and the normal process of negotiations and counter offers is refreshing to see. It is still a strong sellers' market, but not at the levels we experienced over the past year. We are also seeing sellers who priced their properties above market earlier in the year to see them not sell being willing to adjust the price to a more competitive value. It is a much better time for buyers to find a home that they can afford and fits their needs.

When September 2021 sales for Bend single family homes on less than an acre are compared with September 2020, the following trends can be noted:

• Average sales price up 18.3% to $789,154*
• Median sales price up 18.2% to $650,000
• New listings down 15.4% to 231
• Homes for sale down 52.7% to 281
• Pending sales up 39.9% to 414
• Sold homes down 20.5% to 233
• Average days on market down 29% to 22
• Median days on market up 40% to 7
• Months of supply down 57.1% to 1.2
• Average price per square feet up 26.8% to $383
• Median price per square feet up 32% to $355
• Median % of list price to sales price 100% - unchanged
• Dollar Volume of closed sales down 6% to $183,872,990

Between downward price adjustments on already listed homes, growing inventory levels, and the rate of price gains on new listings leveling, we are seeing our Bend housing market returning to more normal fall trends. Whether or not this trend remains will be determined by continued buyer demand, new inventory hitting the market and fluctuations in mortgage interest rates.