Bend Home Prices Continue to Rise
The May 2021 Bend real estate single family home sales reflect a continued strong seller's market with home prices significantly up over the year before and lack of inventory impacting buyers' opportunities. Homes are often selling over asking price and bidding wars remain a challenging part of the home buying process. In some cases, buyers are losing out on multiple offers many times before finally obtaining an acceptance on an offer. However, if buyers can be flexible on location and condition, persistence is paying off for Bend home buyers.
The following list reflects the changes from May 2020 to May 2021 for Bend single family home sales on less than an acre:
- Average sales price up 30.2% to $715,922*
- Median sales price up 40.5% to $628,000
- Average listing price up 38.99% to $828,437
- Median listing price up 45.2% to $675,000
- Number of listings up 5.4% to 272
- Homes for sale down 71.99% to 210
- Pending sales up 177.8% to 400
- Homes sold up 57.6% to 227
- Average Days on Market down 77.8% to 8
- Median Days on Market down 75% to 4
- Months of supply down 79.5% to 24 days
- Average price per square foot up 32.7% to $357
- Average % of list price to sales price up 6.1% to 104.7%
- Dollar volume up 105.2% to $162,514,336
Bend Real Estate Sales Predictions
Although inventory levels are slightly up from April where we had less than 2 weeks' supply, 24 days is not that much better. We are starting to see price reductions on property which was initially listed over market value. And while home prices are up significantly over the same month a year ago, compared with April 2021 prices are down slightly. Whether or not these trends continue will be determined by the demand we see for Bend homes the rest of the year.
