Real estate activity in Bend picked up last week after a relatively quiet week prior based on the data we are gathering and analyzing weekly during the COVID-19 quarantine. Last week’s increased activity helped level some of the downward trends of residential real estate activity we have seen over the past eight weeks.
Compared to the week of March 9 when we began measuring weekly data, new real estate listings in Bend were down 27% from eight weeks ago. However, there were 62 properties newly listed last week, a 48% increase from the week prior when there were 42 new listings, the lowest level since the week of March 9. Also encouraging is that both sales and pending sales were up last week. With 48 closings last week, Bend home sales were up 45% last week from the week prior, and are down 16% over the last eight weeks. Pending sales were up 11% week-to-week with accepted offers on 51 properties last week, but down 25% from eight weeks ago.
Also encouraging is that both sales and pending sales were up last week. With 48 closings last week, Bend home sales were up 45% last week from the week prior.
Another interesting trend is that price reductions on Bend homes during the COVID-19 pandemic are not up as dramatically as some people might guess. There were 34 asking prices reduced last week, a 6% increase from the week prior, and 13% increase from eight weeks ago.
Here is a snapshot of the weekly data we have been tracking:
| Week of: | Mar. 9 | Mar. 23 | Apr. 6 | Apr. 20 | Apr. 27 |
| New Listings | 85 | 66 | 55 | 42 | 62 |
| Home Sales | 57 | 43 | 41 | 33 | 48 |
| Pending Sales | 68 | 33 | 23 | 46 | 51 |
| Price Reductions | 30 | 29 | 37 | 32 | 34 |
| BOM* | 20 | 17 | 9 | 1 | 7 |
*Back On Market”
Like many of you, we are working remotely and easily available via a phone call, email or video chat. Please do not hesitate to reach out with your questions about the Bend real estate market during this unprecedented time. We love hearing from you, and hope you are finding some silver linings right now.
-– Jason
