Bend Has Been Discovered by the Luxury Home Buyer

We have been tracking Bend real estate sales for decades, but the summer of 2020 has provided for high end home sales that have never been seen before in the Bend market. High end homes have been part of Bend real estate since the early part of last century when the Shevlin-Hixon and Brooks-Scanlon lumber mills opened and logging became the main industry within the town. The land near Mirror Pond and Drake Park became the location where some of Bend's earliest luxury homes were built. Over the years, as various sections of Bend were developed, the luxury market expanded into Pilot Butte, Awbrey Butte, and the various golf communities in town such as Awbrey Glen, Broken Top, Pronghorn and Tetherow. However, as these communities were developed, what constituted luxury in those days rarely exceeded $1,000,000.  Today, however, Bend million dollar home sales are breaking records.

The following chart shows July 2020 p...

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Bend Real Estate Sales Were Exceptional in July 2020

We have been actively involved with Central Oregon real estate sales since 2000, and despite the boom and bust years, 2020 has proven, year to date, to be among the most phenomenal years we have ever seen - with July the pinnacle so far.

Ask any Bend real estate agent what is the situation with Bend home sales and they will tell you there is a severe lack of inventory. Many listings receive multiple offers, pushing the price up and discouraging buyers who lose out. Cash buyers have an upper hand, especially as prices reach a place where there is doubt the property will appraise. We are seeing new listings hitting the market at prices which just 6 months ago would have been unheard of. And we are surprised to see many of these homes selling even beyond that inflated price.

When July 2020 sales are compared with July 2019,  Bend single family home sales on less than an acre show the following trends:

• Average sales price up 12.1% to $612, 465*
• Median sales price up 12.6% to $529,000
• Average list price up 9.2% to $638,953
• Median list price up 5.9% to $524,450
• Number of new listings down 8.4% to 274
• Homes for sale down 75.6% to 244
• Pending sales up 153.1% to 620
• Sold homes up 31.1% to 320
• Months of supply down 81.1% to 1 month
• Average price per square foot up 7.9% to $286
• Median price per square foot up 10.2% to $269
• Median percentage of list price received 100%
• Dollar volume of sales up 47% to $195,988,952

Will the Upward Trends Continue for Bend Home Sales?

The two charts below show pending sales and months of inventory for Bend single family homes on less than an acre.  The demand is extreme and the amount of homes minute. While new construction is happening in Bend, it cannot keep up with the demand. As long as people continue to move to Central Oregon, these trends will remain.

Bend Home Buyers Need A Great Real Estate Agent to Work With

Ask any Bend real estate agent right now how the market is, and the answer will be "crazy." In this time of the Covid-19 pandemic, home buyers are flocking to Central Oregon and buying Bend homes faster than they can be listed.  This is resulting in a severe shortage of available homes for sale and in turn, a huge increase in the number of multiple offers on these properties.

Often referred to as a "bidding war," multiple offers can drive the price of a home up beyond the listing price and often the winner is the buyer willing to offer more money with better terms than the other buyers. Having an experienced real estate agent to work with is essential to help a buyer win the home.

Can't I Just Offer Low and Expect the Seller to Counter Higher? 

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Bend Luxury Homes are Selling!

Ever since coming out from the housing recession, the value of Bend single family homes on less than an acre has increased. From an average sales price of $230,000 in spring of 2011, Bend home values have gone up to exceed $547,000 June 2020.  During the same time, the months of inventory have dropped from 13.3 months to less than 2 and the price per square foot has risen from $113 to $268. From a low of two $1,000,000 plus Bend homes on less than an acre selling in all of 2010, June 2020 alone saw 23 sold.*

Bend Premier Real Estate brokers are currently working with many million dollar buyers, and people calling the office or registering on the company website are frequently searching for high end listings. Despite the Covid-19 pandemic (or perhaps because of it), the demand for Bend real estate with a home office, a backyard or some acreage, and some space in the home has increased. We are seeing multi-million dollar homes sellin...

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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.

* Data from Multiple Listing Service of Central Oregon