Posts with tag 'bend single family homes'

How High Can Bend Home Prices Go??

The sales figures for June, 2021 have been published and Bend home prices continue to rise as demand is still outpacing supply. However, there appears to be a slight softening of the market as we enter July with extreme heat and the normal real estate trends connected with graduation and vacations coming back as the state moves out of Covid restrictions. Whether or not these trends continue have yet to be determined.

Bend Real Estate Costs a Lot More Than It Used To

When comparing June 2020 Bend single family home sales on less than an acre to June 2021, the following changes can be seen:

• Average sales price up 40.3% to $842,157
• Median sales price up 38.5% to $640,000
• New listings up 19.1% to 299
• Homes for sale down 75.9% to 181
• Pending sales up 101.3% to 469
• Sold homes up 7.8% to 250
• Average days on market down 84.4%...

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Bend Homes Priced Over Million Raising the Average Bend Real Estate Sale

We have reported how Bend Oregon home prices have risen over the past year, but we haven't looked exclusively at the trends for Bend Luxury homes. The demand for Bend's high end homes has escalated over the past year with the number of closed sales up over 100% in all the price categories we follow.* For homes over $2,000,000, the price per square foot is now over $600.  The months of supply for million dollar Bend homes is roughly four, a seller's market, and the median days on market is 11. Luxury homes listings are receiving their asking price on average 99.9% of the time. Multiple offers and bidding wars are normal for many Bend luxury homes when they hit the MLS hot sheet. If a million dollar Bend listing is truly a luxury home, we are seeing great demand and buyers will write their offer to meet the needs of the seller to make their offer stand out. Such items...

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Bend Home Prices Historically High With Inventory Levels Historically Low

In some way, it feels like we are like a broken record that keeps repeating the same line. Bend home prices are way up and inventory levels are way down. Each month we wonder if we have reached the top (or bottom), but each month we are setting another record - and we don't see the trends changing anytime soon. This is by far the strongest seller's market we have ever seen in Bend with desperate buyers bidding home prices up to levels we have never seen.

When April 2021 is compared with April 2020, Bend single family home sales on less than an acre reflect the following:

• Average sales price up 32.2% to $769,314*
• Median sales price up 41.2% to $651,000
• New listings up 32.6% to 256
• Homes for sale down 81.99% to 119
• Pending sales up 149.7% to 427
• Sold homes up 39.8% to 239
• Median days...

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Lack of Inventory Triggering Escalating Sales Prices for Bend Homes

The figures are in for Bend single family home sales in March 2021. It has been a full year since Covid-19's impact on Bend home sales initially was felt and the resulting demand for Central Oregon homes began impacting our local housing market. We have had a year of tremendous buyer demand and Bend real estate sales which have broken records. Multiple offers and bidding wars have pushed Bend home prices to never before seen levels with cash offers typically beating out any offer involving financing. Entry level buyers have found Bend unaffordable and have determined Redmond, Prineville, LaPine and Madras may work better for their finances. The housing boom in Central Oregon is very real and it remains to be seen how long it will continue with buyer demand far exceeding supply.

When March 2021 is compared with March 2020, the following data can be noted for Bend single family home sales on less than an acre:

• Average sales price is up 40.7% to $776,573*
• Median sales price is up 32.2% to $597,500
• Number of new listings down 8.2% to 225
• Homes for sale down 84.9% to 99
• Pending sales up 103.7% to 385
• Sold homes down 6.3% to 177
• Median days on market down 76.5% to 4
• Months of inventory down 87.9% to 12 days
• Average price per square foot up 40.9% to $365
• Median price per square foot up 36.2% to $331
• Average percentage of listing to sales price up 5% to 104.2%
• Dollar volume of sales up 31.7% to $137,453,417

It should be emphasized that the number of sold homes are down 6.3% compared with 2020, yet the dollar volume of sales is up 31.7%. Bend home prices are on such an upward trend that appraisers are having a hard time justifying some of the prices and we are seeing homes not appraising, despite the huge demand and multiple offers. It is challenging to be a buyer in this market, especially a buyer that needs to finance their home purchase. 

Will Bend Real Estate Sales Continue With Early 2021 Trends?

We do not see any end to what we have experienced year to date with Bend home sales. Our low inventory of less than 1/2 a month supply remains a key indicator of Bend real estate sales. If/when this figure starts to increase, we will know that we are starting to move towards a more balanced market.

*Data from Central Oregon MLS

According to the National Association of Homebuilders (NAHB) annual Priced-Out Estimates released earlier this month, 71.5% of Bend residents have been priced out of the Bend real estate market based on a median priced home of $409,281. The household income needed to qualify would be $102,710.  Although the NAHB figures are fairly recent, this number is roughly 73% since the median price of a home in Bend today is closer to $520,000. And for every $5000 increase in the median price for a Bend home, another 700 local residents will be priced out of this market.

These Bend numbers are higher than the national median home price of $346,757, resulting in about 75 million households, or roughly 60% of all U.S. residents, being priced out of the...

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