As many of you know, we’ve been zooming in on weekly measurements of residential real estate activity in Bend because we felt the monthly data wasn’t keeping up with the speed of the COVID-19 pandemic and its affect on the local real estate market. We now have six weeks of weekly trends, including the most recent data from the week of April 13-19.
Just as we do with our monthly market trend reports, where we advise against labeling month-to-month ups and downs as “trends,” we encourage you to consider the many variables that might affect weekly research data.
While we usually base true trends on at least three data points–and also factor in variables like seasonality, weather and the economy–we might be seeing a slight uptick in some local real estate activity.
Here is the weekly data on the Bend residential market from the last six weeks, beginning with the week of March 9, and including the most recent metrics from the week of April 13:
- The number of new listings is down 36% over the last six weeks, but there was a 15% increase in new listings over the last three weeks, with 54 homes in Bend listed last week.
- Sales of Bend homes were up 17% last week from the two weeks prior, and there were 48 sales last week.
- Bend home sales were down 16% over the last six weeks, with the biggest drop in sales the week of March 23 (from 55 the week prior to 43 that week).
- Pending sales were down 51% over the last six weeks, but mostly flat over the last four weeks.
- There was a 14% increase in homes that went back on the market over the last three weeks.
- After increased price reductions two weeks ago, when the asking price on 37 homes was reduced, last week 31 home prices were reduced.
- Perhaps surprisingly to would-be buyers, price reductions are up only 3% in the last six weeks, which is following national trends on price reductions.
|Real Estate Activity||March |
|March 30-April 5||April 6-12||April 13-19|
*Back On Market
Our team, along with the local real estate community, is doing our best to protect our clients, colleagues and families by adapting our business practices to reduce in-person meetings and showings. That said, everyone on our team was compelled to pursue a career in real estate because we love interacting with people. And we’re here for you. We look forward to your emails, texts, phone calls and video chats!