Although the available inventory of homes for sale in Bend is still extremely limited, the newest data on the local real estate market seems to be showing some pre-pandemic trends we normally associate with this time of year.
The number of homes pending and sold slowed somewhat between September and October as they typically did in the fall in years prior to 2020. There were 8% fewer homes pending in October, and 10% fewer sales than in September. Similarly, there were fewer new listings in October than in September, with 162 homes newly listed, a 32% decrease month-to-month.
The median sales price of a home in Bend stayed relatively steady at $645,000, just 1% down from $650,000 in September.
Although there is only a little more than one month’s worth of inventory in Bend—for comparison, there was 5.1 months’ worth in October 2019—it’s a 100% increase over October 2020, when there was only 0.6 months’ worth.
After an incredibly competitive real estate climate in Bend over the last 18+ months, pricing strategy is having increased significance as we see signs of seasonal cycles in our monthly and weekly data. For example, it is taking longer to sell a home in Bend, with an average of 32 days on the market. We love helping sellers come up with a strategic plan that meets their goals on their timeline, and if you’re thinking about listing your home, we’re ready to answer your questions about our process.
Median Sales Price
- The median price of a Bend home is $645,000, down just 1% from $650,000 in September.
- Year-over-year, the median home price is up 15%, from $560,000 in October 2020.
New Listings
- There were 32% less new listings last month, down from 237 in September to 162 in October.
- Compared to October 2020, there were 27% fewer listings last month.
Pending Sales and Homes Sold
- Pending sales were down 8% month-to-month, from 233 in September to 215 in October.
- Year-over-year, pending sales were up 20% compared with October 2020.
- Sales slowed 10% last month, from 235 in September to 212 in October.
- Home sales were down 15% in October compared with October 2020.
Active Listings and Available Inventory
- There were 241 active listings in October, down 14% from September.
- In October 2020, there were 162 active listings, 54% fewer than last month.
- Our weekly data shows a nine-week trend of 34% fewer listings.
- Available inventory stayed at 1.2 months’ worth in October from September and was up 100% from October 2020 when there was only 0.6 months’ worth.
Days on Market and Price Reductions
- It is taking an average of 32 days on the market for a home in Bend to sell.
- That is an 88% increase from September, but consistent with October 2020 when it took an average of 31 days.
- According to our weekly data, there are fewer price reductions over the last seven weeks.
- There were 40 price reductions in the last week of September and 16 last week.
Have questions about the most current market trends in Bend? We’re here to answer them.
—Jason
