Median Home Price Skyrockets to $652,000
The median home price in Bend jumped from $597,500 in March to $652,000 last month, a 9% increase month-to-month. Even more startling is the 41% increase year-over-year. The median home price in April 2020 was $461,000, only down less than one percentage point from April 2019, despite the onset of a pandemic last spring.
The median home price is the headline, but there are other metrics that illustrate the extreme polarization between supply of—and demand for—homes for sale in Bend.
Although more homes were listed last month than in March, sales activity more than made up for the increase of active listings. The number of homes that went pending last month was down 7% month-to-month, but closings were up 34%. Compared with this time last year, the number of homes in pending status are up 70% and home sales are up 42%.
With the value of a home in Bend at an all-time high, and concerns about home showings during the pandemic lessening, many homeowners are more motivated to list their homes. However, many would-be sellers are understandably concerned about having a place to go in a high-demand market. Even so, new listings were up 15% last month compared with March, and 37% compared with April 2020.
This is not an easy real estate climate for sellers or buyers. We’re here to help. Please contact us for help with adjusting your post-pandemic real estate strategy.
Median Home Price
- The median home price jumped 9% from March to April, from $597,500 to $652,000.
- Year-to-year, the median home price is up 41% compared with April 2020.
- There were 265 new listings in April, an increase of 15% from March.
- New listings were up 37% year-over-year compared with April 2020.
- There were 74 new listings during the first week of May, the highest number in a single week since March 2020.
Homes Sold and Pending Sales
- Pending sales were down 7% from March to April, with 240 Bend homes in pending status last month.
- Compared with April 2020, pending sales were up 70% last month.
- Home sales were up 34% last month compared with March 2021.
- Year-over-year, home sales were up 42% last month.
Active Listings and Available Inventory
- Active listings were up 21% last month compared with March 2021.
- There were 108 active listings in April.
- Year-over-year, active listings are down 76%.
- Available inventory is at 0.45 months’ worth, down 8% from March 2021.
- In April 2020, there was 2.6 months of available inventory; 83% more than available inventory last month.
Days on Market and Price Reductions
- Homes continue to sell quickly, with an average of 16 days on the market last month.
- In April 2020, the average Days On Market was 44 days.
- Price reductions continue to be rare opportunities for buyers.
Let us know how we can help you navigate the current real estate market in Bend.