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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Bend Home Sales Continue Upward Trends

The Bend single family residential sales trends that we saw in July continued into August with record breaking prices, low inventory levels, and a large uptick in pending sales contracts greatly impacting the Bend real estate market.  Lack of inventory remains a major issue with levels now below one month supply.  This has driven home prices up and led to multiple offers on many properties.

When August 2020 is compared with August 2019, the following data can be noted for Bend single family homes on less than an acre:

• Average sales price is up 17% to $656,022*
• Median sales price is up 11.6% to $529,950
• New listings are up 6.3% to 254
• Number of homes for sale is down 79.1% to 198
• Pending sales is up 125.9% to 576

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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.