Available Inventory Increases 47% in April
The number of homes for sale in Bend rose 47% last month, from 127 active listings in March to 187 in April. That’s a 73% increase over last year, when there were only 108 active home listings in April 2021. Our weekly data shows a continuation of this trend into May, with a 5% increase of active listings last week compared with the last week of April.
The available inventory in Bend was boosted by a 15% uptick of new listings last month—from 267 in March to 308 in April—and a decrease in sales activity. Pending sales were down 7%, and home sales were down 11%. The listings that did go to pending status or sold last month did so more quickly. The average Days On Market was down from 20 days in March to 13 days in April.
At $769,900, the median sales price of a home in Bend was down very slightly in April—less than 1% compared to March—and up year-over-year by 18%.
In addition to our monthly data, we also track weekly metrics that help us identify trends more quickly. Over the last four weeks we’ve seen a steady increase of price reductions on homes in Bend. During the first week of May, there were 39 price reductions in Bend, a 95% increase from the week of April 11, when the asking prices on 20 listings were lowered.
Are we seeing signs of a local real estate market that might become more competitive for sellers and less so for buyers? It’s too early to tell, but we do know from our historical data—which spans 15 years—that any shift will be relative to post-pandemic trends. In other words, there would have to be a major, intentional approach to creating more supply to meet the demand for housing in Bend before the inventory would return to pre-2020 levels.
Have questions about how the market trends might affect your real estate decisions this summer? We’re here to answer them and help you create a strategy that makes your transaction as smooth as possible.
Median Sales Price
- The median sales price of a Bend home was down very slightly from $770,000 in March to $769,900 in April.
- Year-over-year, the median home price is up 18%.
Active Listings and Months of Inventory
- Active listings in Bend were up 47% month-to-month, from 127 in March to 187 in April.
- Our weekly data shows this trend continuing in May, with a 5% increase of active listings last week (203 homes) compared with the last week of April (194 homes).
- Annually, the number of active listings is up 73%.
- The months of inventory rose 66% last month, from 0.61-months’ worth in March to 1.01 in April.
- Year-over-year, the months of inventory was up 153%.
- There were 308 new listings of Bend homes last month, a 15% increase over March.
- Annually, there were 16% more new listings last month compared with April 2021.
Pending Sales and Homes Sold
- Home sales in Bend were down 11% month-to-month, from 209 in March to 185 in April.
- Compared with April 2021, there were 24% fewer homes sales last month than the year prior.
- Pending sales were down as well, from 244 in March to 226 in April, a 7% decrease.
- Year-over-year, pending sales were down 6% last month.
Days On Market and Price Reductions
- The average time it takes to sell a Bend home is 13 days.
- Homes sold 35% more quickly last month than in March, and year-over-year, 19% more quickly.
- Our weekly data shows a continued trend of price reductions.
- Over the last four weeks (including the first week of May), price reductions increased by 95%, from 20 a month ago to 39 last week.
- Last week, 19% of the active listings had price reductions.