First of all, thank you for your calls and emails with questions about the Bend real estate market during this unprecedented time. As many of you know, we’ve ramped up our analysis of the local real estate market by tracking weekly data, which is helping us spot trends even more quickly than we usually do with monthly data. For this market trend update, we’ll include and compare both monthly and weekly data to give you the most current snapshot of real estate activity in Bend during the month of March and into the second week of April.
Although monthly data showed an increase in some real estate activity (including new listings and homes sold) from February to March, the weekly data is showing a downtrend of most real estate activity in Bend. For example, the monthly data shows an 18% increase of new listings from February to March, but based on the weekly data we have (with data as recent as April 12), new listings were steadily declining until last week. New listings are down 35% over the last five weeks.
Like many industries, the real estate community is adapting business procedures to comply with social distancing guidelines, and those adjustments are having an impact on real estate activity. However, while new listings, showings, pending sales, sales and closings in Bend have definitely slowed, the local real estate market is not at a stand-still.
Median Home Price
- The median price of a home in Bend was $455,950 in March, within 1% of the median home price in February ($460,000).
- Based on monthly data, we are not yet seeing home values in Bend affected by the COVID-19 pandemic.
New Listings
- Monthly data shows that 242 Bend homes were listed in March, up 18% from 205 in February.
- New listings had been trending downward weekly until last week, when there were 55 homes listed, a 17% increase from the week before.
- Looking at the weekly data for the last five weeks, there were 35% fewer new listings, down from 85 the week of March 9 to 55 last week.
Pending Sales and Homes Sold
- Pending sales were down 19% based on the monthly data, from 233 in February to 187 in March.
- Based on weekly data, pending sales were down from 68 the week of March 9 to 23 pending sales the week of April 6.
- Sales were up 42% from February to March based on the monthly data, from 127 to 187.
- Based on weekly data, there were 57 sales the week of March 9, and 41 sales the week of April 6.
Active Listings, Available Inventory and Days on Market
We have monthly data for these three measurements of Bend real estate activity, but no weekly statistics:
- Active listings were down 7% from February to March, from 246 active listings to 230.
- Available inventory is down 23%, from 2.2 months of inventory to 1.7 months.
- Homes sold more quickly in March than they did in February with an average of 120 days on the market (compared to 138 in February).
Price Reductions
- There was a 53% increase in price reductions of Bend homes from February to March.
- In February, 51 homes were reduced in price compared to 78 in March.
- After a lull a few weeks ago, there was a bump in price reductions last week, with 37 homes reduced.
- In the last five weeks, price reductions increased 23%.
The monthly–and now weekly–data we are analyzing helps us advise our clients, and we are happy to answer your questions about the latest research we have for the Bend real estate market. Real estate is a complex industry, one that relies on mutual cooperation between financial institutions, title companies, appraisers, inspectors, and government agencies, to ensure efficient and thorough transactions. Please know we are here for you and are only a quick email or phone call away to answer your real estate questions.
