If you’ve seen some of our recent blogs and email updates, you know that we’ve been tracking weekly real estate activity in Bend during the COVID-19 pandemic to help us understand how the local market is being affected during this unprecedented time. We are currently tabulating data for the month of April, and wanted to give you a quick snapshot of the most current weekly data we have in the meantime.
Most real estate activity continued to show signs of picking up last week based on data we have through May 10. Although home sales were down week-to-week, there appear to be many closings in the pipeline as pending sales were up to their highest level in nine weeks (since we began tracking weekly data). Because data can fluctuate, especially when we’re looking at it in such a micro way, we’ll highlight some of the Bend real estate activity over the last three weeks:
- New listings were up 38%, from 42 the week of April 20, to 58 last week.
- Home sales were up 6%, and there were 35 homes sold in Bend last week.
- Pending sales were up 50%, with 69 properties pending last week, the highest level since the week of March 9, when there were 68 homes pending.
- Price reductions were up 22% over the last three weeks, with asking prices on 39 homes reduced.
Zooming out to real estate activity in Bend over the last nine weeks, we’re seeing some week-to-week fluctuation, but overall, some gentle rebounds since late March and early April:
- New listings are down 32% since the week of March 9, from 85 that week to 58 last week.
- Home sales are down 39% since the week of March 9, from 57 to 35.
- Pending sales are flat (within 1%), from 68 the week of March 9 to 69 last week.
- The number of homes put back on the market (after not closing for various reasons) is down 35% over the last weeks; there were 13 homes put back on the market last week.
- Price reductions are up 30% since the week of March 9, from 30 that week to 39 last week.
We’ll have a monthly update for you next week, as well as some other info on the Bend real estate market. If you’d like to receive our monthly email updates, please contact us and we’ll be happy to add you to our list immediately. And, as always, we’re here to answer your real estate questions.