Bend Home Sales 2019 Show More of the Same

As we move from 2019 to 2020, it is always good to look back and see how the sales from one year may affect the next. For Bend Real Estate in 2019, the trends provided more of the same with lack of inventory impacting home prices, days on market and closed sales.

When the 2018 figures from Bend single family homes sales on less than an acre are compared with those from 2019, the following can be seen:

• The numbers of homes offered for sale were down 17.2% from 396 to 328 at the end of the year
• The numbers of homes sold were down 4.2% from 2452 to 2352
• The number of homes pended were down .8% from 2417 to 2397
• The average days on market were unchanged at 103
• The sold/original listing price difference was down 1% from 97% to 96%
• The average price per square foot was up 6.5% from $243.88 to $259.84
• The average active price was up 5.8% from $654,000 to $692,000
• The average sold price was up 6.4% from $501,000 to $533,000
• The months of inventory based on closed sales is unchanged at 2.5*

What Do Home Inventory Levels Indicate For Bend Real Estate?

The graph below shows the months of inventory based on closed sales for Bend single family home sales. The trend has been consistently around 2.5 months of supply which signifies a strong sellers market. There was a bump in inventory levels in February, 2019 which coincides with the heavy winter snowfall; when snow makes it difficult to show homes, it is hard to make sales happen. The sharp decrease in inventory in December is consistent with what we saw at Bend Premier Real Estate. We closed more homes than typical in December, but without a lot of snow, buyers were still actively looking. Over Christmas and New Years, we had more home sales than usual.  Many sellers who listed during this time were pleased to get their homes in contract with strong offers.

2020 has started off strong. We are only a week into the New Year, but already Bend Premier brokers are writing contracts for buyers anxious to purchase available homes. Traditionally many sellers wait until spring to put their home on the market. For sellers who are willing to list now, the lack of inventory makes all available property easily seen and if the home works for a buyer, it is quickly selling. Barring any major economic disasters, we believe the trends we have experienced for the past 9 years will continue in 2020.

 *Figures from Central Oregon Multiple Listing Service