Inventory of Residential Real Estate Continues to Shrink in Bend, Oregon
If you’ve been following our recent blogs on the local real estate market, you know that the inventory of homes for sale in Bend has shrunk steadily and dramatically over the summer. That trend continued through August despite a leveling of other real estate activity including new listings, pending sales and home sales.
The available inventory of homes for sale hit a new record low of .6 months, a 33% decrease from July when it was .9 months, and a whopping 72% decrease from a year ago August.
Meanwhile, the median home price held steady at $529,950, a slight increase from $529,000 in July. However, the average price of a home rose dramatically year-to-year, up 12% from August 2019 when it was $474,950.
Although there were fewer new listings, pending sales and homes sold compared with July, August was still a big month for Bend residential real estate. New listings were down just 7% from July, with 261 Bend homes listed last month. Pending sales were down 12% and sales were down 4%. However, it’s important to remember that sales activity set new record highs in June and again in July, so the plateau of these metrics still point to robust activity through August. Compared with August 2019, new listings were up 10%, pending sales were up 34% and sales were up 21%.
As we’ve shared in previous blogs, we’ve been surprised by how dynamic the local real estate market has been during these unprecedented times. While presenting a lot of uncertainty and lifestyle adjustments, the pandemic has perhaps provided many people with the flexibility and motivation to adjust their real estate goals. If you need advice on shifting your real estate plans, please reach out to us. Our team is ready to help.
A snapshot of the Bend residential real estate market by the numbers:
Median Home Price in Bend
- The median home price is at an all-time high of $529,950, statistically flat from July when it was $529,000.
- The median home price is up 12% from August of 2019 when it was $474,950.
- There were 261 Bend homes listed in August, down just 7% from July.
- New listings were up 10% from August 2019, when 237 homes were listed.
Homes Sold and Pending Sales
- Sales of Bend homes were down slightly from July to August (-4%), with 306 homes sold last month.
- Home sales were up 21% from August 2019 when 252 Bend homes were sold.
- Last month 329 homes went pending, a 12% decrease from July, which posted an all-time high number of pending sales.*
- Pending sales were up 34% year-over-year.
Active Listings, Available Inventory and Days On Market (DOM)
- Active listings were down 37% month-to-month, with 186 homes on the market in August.
- Compared with August 2019, active listings are down 65%.
- The inventory of homes for sale has shrunk to .6 months, down from the record-low of .9 months in July.
- Inventory is down 72% from August 2019 when there was 2.2 months of inventory.
- The length of time it takes to sell a home in Bend went down from 63 days in July to 50 in August, which is relatively flat from August 2019.
- Although price reductions are up over the last five weeks, they are still much lower than they were earlier this year. Only 14 homes were reduced in price last week.