Finding a home for sale in Bend continues to be challenging for buyers who are competing for an extremely limited inventory of active listings. The available inventory dipped to another new low in November, down from 0.6 months in October to 0.5 months. To compare that inventory metric, there was 3.1 months’ worth in November 2019. Many factors are working together right now to create this tight real estate market in Bend.
Although we typically see fewer new listings and sales as we move into the holiday season, this year those metrics are down more than usual. Active listings were down 33% last month compared to October, and down 75% year-over-year. At the same time, there has been no lull in buyer demand, which has helped keep the median home price steady. After hitting an all-time high last month, the median home price is down 3% to $543,500. Year-over-year, the median home price is up 21%.
As the ramifications of the pandemic began to unfold last spring, many industries, including ours, braced for a negative impact. Most of us have been surprised by the high levels of real estate activity this summer and fall. Our local real estate industry has worked collaboratively and creatively this year to serve both buyers and sellers with virtual showings, speedy transactions, and when possible, digital paperwork. The home construction industry is responding to the demand for more homes in Bend as well, with new neighborhoods being planned that provide access to parks, trails and schools.
As you think about your goals for 2021, please don’t hesitate to contact us with your questions about the Bend real estate market and the value of your home.
Median Home Price
- The median price of a home sold in November was $543,500, down 3% from October.
- Compared with the average median home price in 2019, the median home price in November is up 21%.
- There was a dramatic drop in new listings last month, from 224 in October to 110 in November.
- New listings were down 19% last month compared with November 2019.
Homes Sold and Pending Sales
- Home sales slowed 23% month-to-month, from 250 sales in October to 212 in November.
- Pending sales were also down, from 268 to 174, a 35% drop.
- Year-to-year, sales were up 3% and pending sales were down 8%.
Active Listings, Available Inventory and Days on Market
- Active listings were down 33% from October to November, with 108 Bend homes on the market last month.
- The number of active listings in Bend last month was down 75% compared with November 2019.
- Available inventory of homes for sale in Bend is down to an all-time low of 0.5 months in November from 0.6 months in October.
- In November 2019, the available inventory of homes for sale in Bend was 3.1 months’ worth.
Questions? We’re happy to answer them. We hope you have a peaceful and safe holiday!