Market stays active despite virtual back-to-school and wildfire smoke
After a very active summer due to overwhelming buyer demand and increasingly limited inventory, Bend residential real estate didn’t experience the seasonal dip it typically does, and continued to be a very dynamic market through September. Usually, we see a slow-down from August to September as people focus on taking advantage of the Labor Day Weekend to enjoy some late-summer recreation, preparing for back-to-school, and making plans for the holidays. However, this year has been anything but typical, and the local real estate market continues to be dynamic despite intense wildfire smoke for over a week and a quasi-return to school with distance learning in mid-September.
The available inventory of homes for sale in Bend continues to be extremely limited. Although active listings were up 6% from August to September, and inventory was up 16%, the actual numbers illustrate the dramatic demand for Bend homes in 2020. There were 197 active listings of homes in Bend last month compared with 545 active listings in September of 2019. Similarly, the inventory of .7 months last month is 79% less than September of last year when there was 3.4 months of inventory.
Meanwhile, the median home price again hit a new record high of $549,900, a 4% increase from August and a whopping 25% increase from September 2019 when it was $440,000. The value of a home in Bend has increased for many reasons. Some locals have been motivated to purchase a larger home in Bend to accommodate work-from-home and distance learning spaces for everyone in their families, while others have fulfilled their dream of living outside of town in a more rural setting. We’re also welcoming new residents who are eager to embrace the opportunity to live in Bend because they are now able to work remotely.
I recently had the opportunity to connect with my friend (and fellow University of Puget Sound alum) Val Vandervort who is a realtor in the Bay Area for a chat on Facebook Live. Val asked a lot of great questions about why the Bend real estate market has been so dynamic during the pandemic, and you can view our virtual meet-up here.
Needless to say, this continues to be a fast-moving real estate market. We are here to help you assess new listings quickly and present a winning offer, as well as help you strategically value and market your home for an efficient sale. We encourage you to contact us with any questions you have about the Bend residential real estate market.
Median Home Price
- The median home price grew 4% from August to September to an all-time high of $549,900.
- Year-over-year, the median price of a Bend home is up 25%.
- There were 278 new listings last month, a 7% increase from August, but still 15% lower than September 2019.
Homes Sold and Pending Sales
- Sales slowed by 7% last month, with closings on 286 Bend homes compared with 306 in August.
- Pending sales were down also, from 329 in August to 272 in September, a 17% decrease month-to-month.
- Sales and pending sales activity were still up dramatically year-over-year.
- There were 35% more home sales and 20% more pending sales in September 2020 compared with September 2019.
Active Listings, Available Inventory and Days On Market
- Active listings were up 6% in September, from 186 in August to 197 last month.
- However, there were 64% fewer listings last month compared with 545 active listings in September 2019.
- Available inventory, while still extremely limited, plateaued in September (from .6 months to .7 months).
- Year-over-year, there is 79% less available inventory than in September 2019.
- Homes continued to sell at a brisk pace last month, with an average of 35 days on the market compared with 50 days in August.
Curious about what your home in Central Oregon is worth right now? Please contact us for a fair valuation based on the most current real estate data.