Central Or 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 Oregon 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:
- Number for sale down 11.1% to 335*
- Number sold up 23.7% to 188
- Number pended down 19.3% to 155
- Average price per square foot up 1.6% to $257
- Average days on market down 4.5% to 107
- Sold/original listing price difference unchanged at 97%
- Average active price up 4.1% to $710,000
- Average sold price up 3.4% to $553,000
- Months of inventory based on closed sales down 28.2% to 1.8
Bend OR Real Estate Sales Predictions
Real estate sales will be impacted by the economic ramifications of Covid-19. When buyers cannot travel to view property, when people lose their jobs, when there is general uncertainty in the world, there is a correlation with people selling and buying real estate. However, as history tells us, home sales often lead the way when economic recovery begins. We believe that Bend real estate will come out of this pandemic strong. We are still the place many want to move to and our Bend lifestyle will return.
Data from Central Oregon Multiple Listing Service. Original blog can be read at Bend Premier Real Estate's blog.
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