Available Inventory Shrinks to Record Low
While an all-time high of the median price of a Bend home is certainly the headline this month, there are other metrics we track that illustrate how truly dynamic the residential real estate market in Bend just is right now, even during a pandemic.
The median home price in Bend rose 14% between June and July, to an all-time high of $529,000 in July, up from $463,000 in June. This new median home price is 13% higher than it was last July, when the average selling price of a Bend home was $470,000.
In our blog last month on the June market trends we talked about an increasingly shrinking inventory of Bend homes available to buyers. That is now a dramatic trend, with an all-time low of residential real estate inventory since 2007 when we began analyzing our data. Available inventory of homes for sale in Bend dropped 44% between June and July, from 1.6 months of inventory to just under one month’s worth. Year-to-year, this is a 71% decrease of inventory; there was 3.1 months of inventory in July of 2019.
This has been a busy summer for our group, and we’ve been grateful to help sellers price and market their homes strategically, manage multiple offers, and gracefully negotiate streamlined sales that are a win-win for both parties. Our work to help buyers navigate a super competitive marketplace has also been rewarding.
Many people might logically guess that the limited inventory is due to fewer homes being listed for sale during a pandemic. However, that’s not the case. New listings were up 12% month-to-month, with 280 homes listed in July. That’s only a 6% decrease from July of last year. This points to the classic balance of supply and demand. Demand for a home in Bend is simply outstripping the supply of homes on the market.
That record high number of pending sales we told you about last month? They converted into successful closings, contributing to a 41% increase of home sales from June to July. There were 318 homes sold in July, up from 225 in June. Pending sales were up again in July, setting another new record, with 372 homes pending, up from 343 in June. Active listings are down 18% month-to-month, with 297 homes on the market in June 2020, and down 50% year-to-year. As transactions increase, the Days On Market (DOM) increases also, as everyone in our industry, including appraisers, home inspectors, mortgage lenders, and title companies ramp up their operations to meet the demand while also operating within COVID-19 guidelines.
This has been a busy summer for our group, and we’ve been grateful to help sellers price and market their homes strategically, manage multiple offers, and gracefully negotiate streamlined sales that are a win-win for both parties. Our work to help buyers navigate a super competitive marketplace has also been rewarding. Please contact us for advice on your real estate dreams and we’ll be happy to help in any way we can.
More details on the newest data for the Bend residential real estate market:
Median Home Price
- The median price of a Bend home is at an all-time high of $529,000.
- This is a 14% increase from June 2020 and an increase of 13% from June 2019.
New Listings
- 280 Bend homes were listed in July, up from 250 in June.
- June’s new listings were down 6% year-over-year.
Homes Sold and Pending Sales
- Home sales were up 41% from June to July, with 318 sales of Bend homes in June.
- This is a 31% increase of home sales compared with July 2019.
- Pending sales were up again to a new, all-time high of 372 since we began tracking our data in 2007.
- From June to July, pending sales were up 8%.
- Pending sales were up 33% year-over-year.
Active Listings, Available Inventory and Days on Market
- Active listings are down 18% month-to-month, with 297 active listings in July.
- Compared with July 2019, active listings are down 50%.
- Available homes for sale continue to trend toward all-time lows with only .9 months of inventory.
- Inventory is down 71% year-to-year.
- The length of time it takes to sell a home has increased, which correlates to the increased transactional activity of pending sales and closings.
Price Reductions
- Overall, the number of price reductions on Bend homes for sale has been steadily declining since we began tracking our data weekly at the onset of the pandemic.
- Since March 9, the number of properties with reduced asking prices is down 73%.
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