Weekly and Monthly Data through January 17, 2021
Have you noticed that seeing a For Sale sign in front of a home in Bend is a rare sight these days? With just over 100 homes on the market in Bend right now, and buyer demand at an all-time high (with mortgage rates at an all-time low), new listings in our “Zoom Town” of 100,000 and growing are typically receiving multiple offers within days.
The good news for buyers is that although inventory is extremely tight, more Bend homes were listed over the last seven weeks. New listings are up 35% month-to-month, with 148 homes in Bend listed in December. Not surprisingly, new listings slowed during the holiday season in late December, but have been steadily picking up since the first of year based on our weekly data.
Additionally, many buyers are pivoting from their plan of buying an existing home to building a new one in Bend. This is helping land and lots sell more quickly than they typically do. And it’s also the catalyst behind the planning for new neighborhoods within the Urban Growth Boundary (UGB) and the home construction boom currently taking place in Central Oregon.
Although the median home price was down 6% from November, at $524,000 in December, it’s a 19% increase in value year-over-year.
Are you curious about the value of your property in Bend? Our team analyzes monthly and weekly data to understand this dynamic market in real time. And, for buyers, our small group is nimble and able to ensure that your offer is compelling and timely. Please reach out to us to schedule a chat by phone or video so we can help you strategize your real estate plans for 2021.
Median Home Price
- The median home price in December was $524,000, down 6% from November.
- Compared with December 2019, the median home price is up 19%, from $439,995.
- There were 148 new listings of Bend homes in December, an increase of 35% from November.
- Over the last four weeks, new listings are increasing steadily. There were 43 new listings last week compared with 16 the week of December 21, 2020.
Homes Sold and Pending Sales
- Home sales in Bend remained steady in December, with closings on 215 homes.
- Pending sales were down 16% month-to-month, from 174 in November to 147 in December.
- Based on our weekly data, sales activity is back up to early December levels after a lull of transactions over the holidays.
Active Listings and Available Inventory
- The number of active listings held steady at 109 in December (compared with 108 in November).
- Active listings are down 70% compared with December 2019.
- Active listings are down 14% since the first of the year with 62 active listings last week (down from 72 three weeks ago).
- Inventory remains extremely tight with 0.5 month’s worth of homes for sale in Bend.
- For comparison, the inventory in December 2019 was 3.9 months.
Days On Market (DOM) and Price Reductions
- The turnaround time between listing a home and selling it remains relatively quick with the average Days On Market at 21 days.
- The average DOM in 2019 was 59 days.
- Price reductions remain low, with an average of 5 homes reduced per week.
Want detailed, industry-level analysis? We do that, too, and you can find it here. As always, don’t hesitate to contact us with your questions about the research trends for the Bend real estate market.