Bend Oregon New Home Prices Expected to Rise

The demand for Bend Oregon housing over the past year has broken records. With less than a month supply of single family homes for sale, builders have been working hard to bring new product onto the market. However, the demand has not kept up with the supply and more and more buyers are not able to purchase a home they can afford.

Besides the changes that great demand has made to Bend new home prices, there is another important issue connected with housing affordability - the price of lumber. Since the beginning of the pandemic in March when lumber prices dropped initially, the price of lumber has climbed at a tremendous rate, reaching a high of almost $1000 per thousand board feet in September before prices dropped in October. However, with decent weather and great demand, builders continue to build into the late fall and lumber prices are rising again. Traditionally lumber pri...

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Bend Home Prices Up And Inventory Levels Down

The Bend real estate trends continued their 2020 pattern in November with prices up significantly over November 2019 and the inventory of available single family homes for sale down. The demand for Bend housing sometimes appears desperate with multiple offers the norm on most new listings and most buyers disappointed as their "highest and best" offer isn't sufficient to "win the home." 

Comparing November 2020 with November 2019 sales for Bend single family homes on less than an acre, the following trends can be seen:

• Average sales price up 23.2% to $640,366*
• Median sales price up 24% to $537,000
• New listings down 6% to 126
• Homes for sale down 80.7% to 144
• Pending sales up 96.5% to 336
• Sold homes up 22.9% to 209
• Median days on market down 81.8% to 6
• Months of supply down 84.6% to 2.5 weeks
• Average price per square foot up 18.8% to $316
• Median price per square foot up 18.8% to $297
• Average percentage of list price to sales price up 1.8% to 100.8%
• Dollar volume of closed sales up 51.4% to $133,836,432

More Bend Home Sales Happening Than New Listings Coming Onboard

As has been the case all year, almost every month of 2020 has seen more sales of Bend homes than new listings entering the market. The data shows November had only 2.5 weeks of inventory for Bend homes - a balanced real estate market has 6 months of inventory. With people still moving to Bend, the demand for homes continues to be strong. Within Bend Premier Real Estate, our brokers are finding more and more buyers are willing to look outside of Bend for homes they can afford and can have success in making an offer that is accepted. Prineville is becoming a great option to buyers looking to move to Central Oregon.

* Data from Central Oregon MLS

Inventory Levels Less than a Month for Bend Real Estate

The October 2020 figures have been published for Bend single family home sales on less than an acre. The results continue the trends we have been experiencing this year - recording breaking low inventory, record breaking demand and record breaking home prices. The inventory of available Bend single family homes for sale has now reached a desperate level of less than half a month of supply.  This has created a situation where multiple offers are the norm, days on market historically low and prices escalating at a rate that we believe is unsustainable.

When October 2019 sales figures for Bend single family homes on less than an acre are compared with those from October 2020, the following changes can be noted:

• Average sales price up 21.5% to $669,699*
• Median sales price up 19.1% to $560,000
• Average listing price up 11.4% to $638,699
• Median listing price up 19.6% to...

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Lack of Inventory a Big Issue in Bend Luxury Home Sales

As is the case in all of Bend real estate, Bend luxury homes are also suffering from a lack of inventory. Since our last post in July, 2020 exclusively looking at the high end market, Bend homes sales over $1,000,000 on less than an acre have continued to be strong with 106 closed third quarter 2020.  This compares with 40 in 2019 and 31 in 2018. For 2020, the price per square foot on closed sales averaged around $400 with the high just under $800. These prices should rise as more and more demand is made on Bend housing, driving the price of some smaller homes above $1,000,000.

As the chart above shows, Bend home sal...

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Lack of Inventory Remains the Biggest Issue for Bend Real Estate Sales

This summer has seen some of the biggest increases in Bend home values coupled with the greatest demand. Multiple offers driving home prices up, far more buyers than available properties, and low interest rates have all contributed to our current Bend real estate market in which listings are key to sales.

When September 2020 Bend single family home sales on less than an acre are compared with sales from September 2019, the following changes can be noted:

• Average sales price up 26.6% to $671,559*
• Median Sales price up 25% to $549,950
• New listings up 25.2% to 273
• Available homes for sale down 77.9% to 199
• Pending sales up 126.6% to 494
• Sold homes up 30.3% to 284
• Medium days on market down 72.7% to 6
• Months of supply down 83% to 3 weeks
• Average price per square foot up 16.5% to $303
• Medium pric...

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