Posts with tag 'bend real estate trends'

What's in the January 2022 Newsletter?

• Bend Real Estate Sales - 2021 Trends & 2022 Predictions
• Covid Cases Spiking in Deschutes County
• 2022 Paint Colors of the Year
• Top Hikes of 2021
• 2022 Housing Market Forecast

Lack of Inventory the Most Important Factor Impacting Bend Real Estate Sales in 2021

2021 has come to a close and the Bend housing market has broken records when it comes to volume, price and inventory levels. The huge influx of residents moving to Bend which started with the 2020 Covid-19 pandemic continued in 2021. Bidding wars, multiple offers, and a general lack of inventory drove prices higher than they have ever been. Builders have not been able to keep up with the demand and the supply shortage of building materials has impacted the pace by which new homes can be completed.

When 2021 is compared with 2020, the sale of Bend single family homes on less than an acre show the following trends:

• Average sale price up 26.6% to $774,860*
• Median sales price up 27.7% to $645,000
• New listings up 2.4% to 2692
• Homes f...

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What's in the December 2021 Newsletter?

• Bend Real Estate Sales Still Strong
• Tis the Season for Microspikes
• Home is Where the Heart is More Than Ever This Year
• A Happy Tail: Pets and the Homebuying Process
• A Portuguese Experience in Downtown Bend

Bend Real Estate Sales Still Strong Fall 2021

Bend homes prices are still rising, despite the seasonal slowdown that is experienced in 4th quarter. Demand is strong, but there is a significant reduction in inventory as is typical in the fall, especially once the holiday season begins. The median home price of a Bend single family home has broken a new record and is now pushing $700,000. More purchases this fall have involved loans as compared with the 2021 summer when cash buyers usually won in a multiple offer scenario. With fewer multiple offers, more buyers with loans are having their offers accepted. If the price of the home works for their budget, first time homeowners are now seeing their offers accepted.

When November of 2021 is compared with November of 2020, the following can be noted for Bend single family...

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Bend Home Prices Up With Inventory Levels Down

Central Oregon is now in the fall season and typically during fall, Bend real estate sales drop. However, Bend single family home sales in October 2020 were anything but typical with sales breaking historic records. Speed forward to October 2021. While lack of inventory is still impacting prices, compared with the frantic fall sales of 2020, home sales in October 2021 seem more measured with offers often undergoing counter offers and negotiations on home repairs back with most transactions. This is a win for Bend homebuyers and for sellers, a strong sellers' market makes it a great time to list.

When October 2021 is compared with October 2020 for Bend single family homes on less than an acre, the following changes can be seen:

• Average sales price up 15.9% to $767,405*
• Median sales price up 15.8% to $645,000
• New listings down 30.6% to 159
• Homes for sale down 56.6% to 238
• Pending sales up 46.5% to 372
• Sold homes down 16.2% to 212
• Median days of market up 100% to 8
• Months of supply down 61.5% to 1
• Average price per square foot up 20.8% to $384
• Median price per square foot up 17.3% to $353
• Average percentage of list price received down .9% to 100.6%
• Dollar volume of closed sales down 2.9% to $162,689,776

As can be noted, home sales are down, new listings are down, inventory levels are down and prices are up. There is still a significant demand for Bend single family homes which continues to drive home prices. 

Predictions For Bend Real Estate Sales the Rest of 2021

Despite cooling temperatures as we move toward late fall, Bend home sales are still strong - and we anticipate they will remain this way through the remainder of 2021. Mortgage interest rates are predicted to rise in 2022, but as long as rates stay relatively low, homebuyers are purchasing. We predict more of the same through the rest of 2021.