Posts with tag 'bend real estate trends'
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Bend Oregon Real Estate | June 2020 Trends
Lack of Inventory Impacting Bend Real Estate Sales
The June 2020 MLS figures have been published and it is clear that a lack of inventory is greatly impacting Bend home sales. Ever since coming out of the great recession, we have been in a seller's market with less than six months supply of homes. However, despite the Covid-19 pandemic (or perhaps because of it), we are seeing many home buyers actively searching for Bend homes and now have less than 1.5 months supply. For Bend properties priced less than $400,000, our brokerage has been involved in several multiple offers - some as high as nine offers on the same home. This is creating a sense of desperation for some looking for a Bend home this summer.
When June 2020 is compared with June 2019, Bend single family home sales on less than an acre reflect these changes:
- Average sales price is up 15.5% to $603,020*
- Median sales price is up 4% to $463,000
- Original average list price up 10.7% to $640,247
- Original median list price up 12.9% to $525,000
- New listings down 19.1% to 246
- Homes for sale down 66.7% to 329
- Pending sales up 116.5% to 511
- Homes sold down 3% to 229
- Months of supply down 71.2% to 1.5
- Average price per square foot up 7.5% to $238
- Median price per square foot up 5.6% to $262
- Dollar volume of closed sales up 12.1% to $138,091,640
Does the Urban Flight to Rural Areas Matter to Bend OR Real Estate?
We have been reporting how the Covid-19 pandemic appears to be encouraging city dwellers to rethink living in an urban area and instead, consider relocating to the suburbs or even a more rural location where a home office and a yard can positively impact a "stay at home" situation. In discussing this with our Bend Premier Real Estate Brokers, we are hearing that many of the buyers they are working with have this thought process and believe that Bend Oregon may be the perfect place for them to experience a new lifestyle. The urban flight is impacting home buyers in Bend. We have very little inventory and great demand. Now is a perfect time to list Bend homes.
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* Data from Multiple Listing Service of Central Oregon
10
Bend Oregon Real Estate - April 2020 Trends
Bend Real Estate Sales Down in April
The first full month of the Covid-19 pandemic impacted Bend single family homes with sales significantly down over the same month in 2019. Some buyers lost jobs which in turn kept them from qualifying for their mortgage. In other cases, sellers took their homes off the market not feeling confident to sell during the stay at home orders. Other buyers delayed their trips to Bend and canceled appointments to view homes. While Bend home sales still are occurring, it is different than it was before Covid-19.
When April 2020 Bend single family home sales are compared with April 2019, the following differences can be noted:
- Homes available for sale down 16% from 971 to 811*
- New active listings during the month down 35% from 364 to 236
- Pending home sales down 41% from 296 to 172
- Homes closed down 6% from 2...
22
Need to Sell Your Bend Oregon Home? Bend Premier Real Estate Virtually Markets With Matterport 3D Tours
Keys to Selling Your Bend Oregon House Virtually
In a recent survey by realtor.com, people thinking about selling their homes indicated they're generally willing to allow their agent and some potential buyers inside if done under the right conditions. They're less comfortable, however, hosting an open house. This is understandable, given the health concerns associated with social contact these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?
In today's rapidly changing market, it's more important than ever to make sure you have a digital game plan and an effective online marketing strategy when selling your house. One of the ways your agent can help...
7
Bend Oregon Real Estate | March 2020 Trends
Central Oregon Real Estate Sales Feeling Impact of Covid-19 Pandemic
The March 2020 real estate trends have been published and they reflect both the start of the Covid-19 pandemic and the closings from strong February home sales. Central Oregon schools shut down Friday, March 13th and stay at home became the norm the following week. Since the start of the pandemic, home sales have dropped, new listings have slowed, and more sale fails than normal have occurred, often due to buyers losing jobs and no longer qualifying for loans. However, Central Oregon real estate sales are still happening, although at a different rate than normal for this time of year.
Bend Home Sales Mixed
When March of 2020 is compared with March of 2019 for the sales of Bend single family homes on less than an acre, the following can be noted:
- Numb...
6
How Are Central Oregon Appraisals Happening With Covid-19?
Central Oregon Appraisers are Very Busy
Bend Premier Real Estate is fortunate to have Erik Chapin, one of our Premier Brokers who is also a licensed appraiser, as an expert on the appraisal business in Central Oregon. According to Erik, Covid-19 has had a dramatic impact on appraisals locally.
Erik typically operates with a lead time of 4 weeks to complete an appraisal. At this time in 2019, he averaged twelve appraisals a month. Last week over a three day period, he received ten appraisals on top of fifteen he already had. He is working six to seven days a week and is having a hard time keeping up. There are a number of reasons why there is such a backlog:
Why Are Central Oregon Appraisals Backlogged?
1) Low in...