Bend Real Estate Sales Impacted by Covid-19 Pandemic
The May 2020 real estate sales figures have been published and the second full month of the Covid-19 pandemic and its subsequent impact on the Bend economy is over. Contrary to the thought process of many, Bend single family real estate sales were extremely strong in May. The biggest limitation to sales was the lack of inventory with sellers either delaying listing or pulling listings off the market. Buyers, however, have entered the market in force and are purchasing Bend single family homes, driving inventory levels below 2 months.
When May 2020 is compared with May 2019, Bend single family homes on less than an acre show the following changes:
- Average sales price down .5% to $553,373*
- Average list price down 1.99% to $596,885
- New listings down 39.2% to 256
- Number of homes for sale down 58.4% to 395
- Pending sales up 60.5% to 374
- Number of homes sold down 39.9% to 140
- Dollar volume of sales down 40.2% to $77,472,226
- Average days on market down 36.8% to 36
- Months of supply down 63.3% to 1.8
- Average price per square foot down .4% to $266
- Percentage of list price to sales price 99.4%
Lack of Inventory the Biggest Factor Impacting Bend OR Real Estate
In 2019, Bend had 950 homes for sale; May 2020 that figure was 395. Although we haven't seen a huge increase in asking sales price over the year before, lack of inventory will continue to impact Bend home sales as we move into our peak summer season. With May inventory levels below 2 months, the importance of listings cannot be emphasized enough. If sellers are waiting to list until after the pandemic is over, they are missing out on a terrific seller's market.
