Available Inventory and Median Sales Price Rise

After a year of an unprecedented low inventory of homes for sale in Bend, available inventory is at its highest since July 2020. Last month, the number of homes for sale in Bend almost doubled from 0.6 months’ worth in June to 0.9 months’ worth in July.

Although the number of new listings held steady in July, sales and pending sales of Bend homes were down 2% and 16% respectively, which helped boost the number of active listings. There were 237 active listings in July, a 52% increase over June, and a 27% increase over July of 2020.

Meanwhile, the median sales price of a home in Bend rose 3% to $675,000 (up from $654,500 in June). That’s an increase of 27% year-over-year compared to July 2020, when the median sales price was $529,950.

Hopefully, a rise in inventory will help provide a more balanced market to buyers, and also require sellers to be more strategic with their pricing models. Properly pricing a home is more nuanced than many people realize, and it’s one of many valuable reasons to partner with a professional Realtor at the outset. Our team is here to answer your questions about listing your Bend home for sale.

Median Sales Price

  • The median sales price rose to a new high of $675,000 in July.
  • Compared to June when it was $654,500, the median sales price is up 3% month-to-month.
  • Year-over-year, the median sales price is up 27%; it was $529,950 in July 2020.

New Listings

  • The number of new listings held steady last month with 305 Bend homes listed in July.
  • New listings were up 17% year-over-year; last July, there were 261 new listings.

Pending Sales and Homes Sold

  • Pending sales were down 16% between June and July.
  • In Bend, 243 homes went pending last month.
  • That’s a 26% decrease from July of 2020 when there were 329 pending sales.
  • Last month, 250 Bend homes sold—almost even with June when there were 255 home sales.
  • Compared with July of 2020, home sales in Bend were down 18%.

Active Listings and Available Inventory

  • Active listings are up 52%, from 156 in June to 237 in July.
  • Compared with July 2020, active listings are up 17%.
  • There is almost double the available inventory of homes for sale in Bend, with 0.9 months’ worth in July.
  • Based on our weekly data, there were 222 total active listings in Bend as of Monday, August 15.

Days on Market and Price Reductions

  • Homes continue to sell incredibly quickly, with an average of only 8 days on the market before an offer is accepted.
  • Based on our weekly data, price reductions are up over the last five weeks (ending on Monday, August 15).
  • An average of 40 listings were reduced in price over the last five weeks compared with an average of 15 during the five weeks prior.

How can we help you reach your real estate goals? We’re here to answer your questions.

— Jason