Weekly and Monthly Market Trends Through May 17, 2020, Show Some Signs of Weathering the Impact of Coronavirus Pandemic
Despite the impact of the COVID-19 pandemic on local real estate activity over the last couple of months, the Bend real estate market continues to show signs of weathering the storm. While there were fewer listings, home sales and pending sales from March to April, the residential properties that are listed are selling more quickly than ever and holding their average value.
For this monthly market trend update, we have aggregated both the monthly and weekly data we’ve been tracking and analyzing to give you the most current snapshot of real estate activity in Bend during the month of April and into the third week of May. We began tracking weekly data the week of March 9, and this report reflects metrics on real estate activity we have through May 17, 2020.
Median Home Price Holds Steady
- The median price of a home in Bend was $461,000 in April, relatively flat from March, when it was $455,950.
- April’s median home price was also consistent with April 2019, when it was $462,900.
- Monthly data shows that 193 homes were listed in April, a 21% decrease from March.
- This is consistent with the weekly data we’ve been tracking, which shows a 26% decrease in new listings since March 9, 2020.
- However, there was a 9% increase of new listings last week compared with the week prior.
- New listings were down year-to-year as well, with 32% fewer homes listed this April compared to April 2019.
Homes Sold and Pending Sales
- Home sales were down 10% from March to April, with 171 homes sold last month.
- Year-to-year, there were only 3% fewer homes sold last month compared with April 2019.
- The weekly data shows more fluctuation in home sales with a 44% decrease since March 9, but only a 9% decrease last week from the week before.
- Pending sales were down 23% from March to April, with 141 homes pending in April.
- Year-to-year, pending sales in April were down 49% from April of last year.
- The weekly data shows a 10% decrease in pending sales since March 9.
Active Listings, Available Inventory and Days on Market
- There was a 19% increase of active listings from March to April, with 446 active listings last month.
- Active listings were up year-to-year also, with a 25% increase this April over April 2019.
- Available inventory is up 32% month-to-month, from 1.98 months of inventory to 2.61 months.
- April’s inventory data is consistent with April of last year.
- Homes sold more quickly in April, with the days on market dramatically reduced to 45 days (down 44% from March).
- There were fewer price reductions last week compared with the week prior, with 31 homes reduced last week.
- Since March 9, the weekly data shows only a 3% increase in price reductions over the last ten weeks.
Our team is here to answer your questions about the Bend real estate market during this unprecedented time. We are happy to connect on the phone, by email or video chat to discuss your real estate goals, the potential value of your home and advice on how to bring your home to the market this year. We look forward to hearing from you.