Sales Activity Keeps Up with Increase of New Listings
The brisk pace of home sales in Bend continues to match—and exceed—the incremental increase of active listings month-by-month. In June, the number of Bend homes for sale increased 27% compared to May, but these 156 active listings are still limited—even compared with June 2020, when there were 363 active listings.
The upward trend of new listings continued last month. There were 308 new listings in June, a 14% increase over May. However, sales activity more than kept pace, with a 16% increase of pending sales and a 12% increase in home sales. Compared with this time last year, pending sales are up 16% and the number of homes sold is up 13%.
Not surprisingly, the median home price continues to reflect the demand for active listings in Bend, and is up 4% month-to-month, and 41% year-to-year. The median home price in June was $654,500, a striking comparison to June 2020 when it was $463,000.
Homes continue to sell very quickly, with an average of only seven days on the market before an offer is accepted.
So, if you’re selling a home in Bend, how do you navigate a flurry of buyer interest, even before your home is listed? And, if you’re a buyer, how do you compete with multiple offers, many of which have no contingencies?
The importance of having a seasoned real estate professional with established relationships in Bend is more apparent than ever. Even more valuable is working with a real estate group whose collective expertise and energy helps clients create a data-driven strategy, pivot quickly, negotiate efficiently, and have a seamless transaction experience.
If our innovative business model was ever going to be tested, we can’t think of a better test than the past 15 months. We are here to help you plan your next real estate move, and we look forward to having a call, video chat, or in-person visit over coffee soon.
Median Home Price
- The median home price in June was up 4% to $654,500.
- In May, the median home price in Bend was $628,250.
- The median home price is up 41% year-over-year; it was $463,000 in June 2020.
- New listings in Bend were up 14% between May and June, with 308 homes listed last month.
- Compared with June 2020, new listings are up 23%.
Homes Sold and Pending Sales
- Bend home sales were up 12% from May to June, with 255 homes sold.
- Pending sales were also up month-to-month, from 250 in May to 289 in June.
- In June 2020, there were 343 homes in Bend pending, and 225 home sales.
- Year-over-year, pending sales are up 16% and home sales are up 13%.
Active Listings and Available Inventory
- There were 156 active listings in Bend last month, an increase of 27% from May.
- Compared with last year, active listings were down 57% from June 2020 when there were 363 Bend homes on the market.
- Available inventory is at 0.6 months’ worth, a decrease of 63% compared with June 2020.
Days on Market (DOM) and Price Reductions
- Homes continue to sell very quickly, with an average of 7 Days On Market.
- Last June, it took an average of 52 days to sell a home in Bend.
- Although price reductions continue to be rare, we are seeing a trend of reduced asking prices on select properties.
- There were an average of 20 price reductions over the last six weeks compared with an average of 8 the six weeks prior, but these are still relatively small numbers.
Need help understanding this dynamic real estate market? We’re here to answer your questions.