Bend Home Sales Continue Upward Trends

The Bend single family residential sales trends that we saw in July continued into August with record breaking prices, low inventory levels, and a large uptick in pending sales contracts greatly impacting the Bend real estate market.  Lack of inventory remains a major issue with levels now below one month supply.  This has driven home prices up and led to multiple offers on many properties.

When August 2020 is compared with August 2019, the following data can be noted for Bend single family homes on less than an acre:

• Average sales price is up 17% to $656,022*
• Median sales price is up 11.6% to $529,950
• New listings are up 6.3% to 254
• Number of homes for sale is down 79.1% to 198
• Pending sales is up 125.9% to 576
• Sold homes is up 17.6% to 300
• Median days on market is down 52.4% to 10
• Months of supply is down 84% to 3.5 weeks
• Average price per square foot is up 8.6% to $292
• Median price per square foot is up 8% to $270
• Average percentage of list price to sales price is 100.2%
• Dollar volume of closed sales up 37.7% to $196,806,741

Pending Sales of Bend Real Estate Up over 125%

The charts below show the August demand for Bend homes. Pending sales are way up and inventory levels are way down - now only 3.5 weeks of supply at all price points. Whether or not this continues into the fall will be determined by the demand for housing as people move to the area. If the Covid-19 pandemic ends, will that stop the exodus from urban areas that have impacted our market over the past few months? Or will the Central Oregon lifestyle continue to attract people to the area? As much of the west coast burns, will that also impact home buyers? We will look into these questions over the next few months.

 *Data from Central Oregon MLS