Available inventory rises to highest since June 2020
The available inventory of homes for sale in Bend continues to tick upward and is at its highest in 14 months. For the first time since June 2020, there is over a month’s worth of available inventory in Bend, which is 75% more inventory than in August 2020.
Active listings were up 2% in August, with 242 homes on the market compared with 237 in July. Year-over-year, there were 30% more active listings last month than in August 2020.
While there were 10% fewer new listings in August than July, this is a seasonal trend, and not as dramatic as the “back-to-school” dip we saw in pre-pandemic years. Last month, 275 Bend homes were listed compared with 305 in July, and 261 in August 2020.
An 8% decrease in home sales last month was offset by an 8% increase of pending sales. The combined sales activity of pending sales and homes sold was 493 in July and 494 in August. This is consistent with combined sales activity in August 2019 when there were 497 homes pending and sold, but well below last August when there were 635 homes pending and sold.
The median sales price of homes in Bend is down 6% month-to-month, but up 20% year-to-year. The median home price is Bend is now $636,282 compared with the all-time high of $675,000 in July, and $529,950 in August 2020.
As inventory of Bend residential real estate increases, it’s critical to have a thoughtful pricing strategy based on data and practical knowledge of the local market. Our team is ready to help you prepare a strategy based on your goals and timeline. See market trend highlights below.
Median Sales Price
- The median sales price of a Bend home was $636,282 in August, down 6% from July when it was $675,000.
- Compared with August 2020 when it was $529,950, the median home price was 20% higher last month.
- There were 275 Bend homes listed last month, a 10% decrease from July when there were 305 new listings.
- Year-over-year, new listings are up 5% compared with August 2020.
Pending Sales and Homes Sold
- Pending home sales were up 8% in August, with offers accepted on 263 homes in Bend.
- There was an 8% decrease of home sales in August (231) compared with July (250).
- In August 2020, there were 329 pending sales and 306 home sales.
- The combined number of pending sales and homes sold was down 22% last month compared with August 2020.
Active Listings and Available Inventory
- Active listings in Bend were up 2% month-to-month.
- There were 242 active listings in August, a 30% increase year-over-year.
- Available inventory was up 11% in August compared to July, and up 75% compared to August 2020.
- There was just over one month’s worth of homes for sale in August.
Days on Market and Price Reductions
- It is taking an average of 14 days from the time a Bend home is listed until an offer is accepted.
- According to our weekly statistics, there have been an average of 36 price reductions each week since the beginning of August.
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