Available inventory at all-time low and median home price at all-time high despite influx of new listings in March
The weekly and monthly data we have on Bend, Oregon, residential real estate continues to tell the same story that it has for months. The median home price is at an all-time high and the available inventory is at an all-time low.
Although there was an influx of 231 new listings last month—up 28% from February—the supply isn’t keeping up with the demand for homes in Bend. The combined sales activity of homes sold and homes in pending status was up 55% last month compared with February. In Bend, 181 homes sold last month and 258 went pending.
The median home price hit another all-time high of $597,500, a 3% increase since January 2021, and a 31% increase year-over-year when the median home price was $455,950 in March 2020.
Needless to say, this can be a very frustrating market for buyers and a tricky one for sellers. As we’ve pointed out in previous blogs, it’s important for sellers to be prepared for their home to go pending quickly and have a game plan for securing a new residence.
We’re happy to answer your questions about the market trend data we monitor weekly and monthly, and help you create a real estate strategy.
Median Home Price
- The median home price is at another all-time high of $597,500, up slightly from $595,000 in February.
- This is up 3% from January, when the median home price was $577,500.
- At $597,500, the median home price is 31% higher than it was in March 2020 when it was $455,950.
- There were 231 new listings of homes for sale in Bend last month, up 28% from February.
- New listings in March were only down 5% compared with March 2020.
- Based on our weekly data, 49 homes in Bend were listed last week.
Homes Sold and Pending Sales
- Sales of Bend homes were up 53% from February to March, with 181 homes sold last month.
- Compared with March 2020, the pace of home sales was comparable, with 189 homes sold last year in the same month.
- Pending sales were up 55% from February to March, and 41% from March a year ago.
- There were 258 Bend homes in pending status in March 2021.
Active Listings and Available Inventory
- Active listings were up 19% last month compared with February.
- There were 89 active listings of Bend homes in March.
- Compared with March 2020, there were 76% fewer active listings in Bend last month.
- The available inventory is at another new low of 0.49 months’ worth.
- Available inventory is down 23% month-to-month, and down 76% year-to-year.
- As the number of pending sales and homes sold ticked up a little over the past two weeks, based on our weekly data, the active listings dropped to 70 during the week of April 5-11.
Days on Market and Price Reductions
- Homes continue to sell at a brisk pace with an average of only 22 days on the market.
- Days On Market (DOM) is down 66% compared with March 2020 when it took an average of 65 days for a home to sell.
- Price reductions remain rare, with an average of 7 price reductions per week over the last six weeks.
Please contact us with your questions and we’ll be happy to help.