Median Home Price Hits All-Time High and Active Listings at All-Time Low
With fewer mid-priced listings, extremely low inventory, and continued buyer demand for homes in Bend, the median home price hit another new high last month. The median sales price of a home in January was $575,500, up 10% from December, and up a whopping 29% from January 2020 when it was $447,000.
The number of active listings hit an all-time low in January, with only 92 homes on the market. Fifty-nine of those homes were priced at $725,000 and higher, well over the median home price in Bend. For perspective, there were 357 active listings in January 2020.
Although there were 138 new listings in Bend last month, 154 Bend homes sold and 161 went pending.
The bottom line is that the supply of homes for sale can’t keep up with buyer demand, even with the expansion of the Urban Growth Boundary (UGB) and new homes being constructed at a rapid pace. For buyers who can wait for the construction of a custom home, there are lots available, though they are selling more quickly than they typically do.
We recently published our 2020 Annual Market Report on the Bend real estate market, and it clearly illustrates the dynamic activity last year that created our current situation. If you need help defining a real estate strategy for 2021, including what your home in Bend is worth, please don’t hesitate to contact us.
Here’s a quick snapshot of the January market data; to see a more detailed report, click here.
Median Home Price
- The median price of a Bend home was up to an all-time high of $575,500 in January.
- The median home price was up 10% from December when it was $524,000.
- Compared to January 2020 when it was $447,000, the median home price is up 30%.
- There were 138 Bend homes listed in January, down 7% from December.
- Compared with January 2020, there were 12% fewer new listings.
Homes Sold and Pending Sales
- Home sales in Bend were down 28% last month compared with December.
- There were 154 sales of single-family homes in January.
- Even though home sales were down month-to-month, compared with January 2020, home sales were up 12% last month.
- Pending sales were up 10% from December to January, with offers on 161 homes accepted last month.
Active Listings and Available Inventory
- The number of Bend homes for sale was down 16% last month, from 109 in December to an all-time low of 92 in January.
- Year-over-year, active listings were down 74% last month compared with January 2020.
- There were 59 active listings last month priced at $725,000 and higher (compared with 29 active listings priced between $425,100 and $725,000).
- Available inventory remains at historic lows, with only 0.6 months’ worth, up only slightly from 0.5 months in December.
- The available inventory of homes for sale is down 77% compared with January 2020.
Days On Market and Price Reductions
- Homes in Bend continue to sell quickly, with an average of only 18 days on the market.
- Compared with January 2020, the length of time it takes to sell a home is down 76%.
- Price reductions remain rare, with an average of only 3.6 reductions each week over the last five weeks.
Need more info unique to your real estate situation? We’d love to hear from you.