Traditionally as the weather cools and we move toward the end of the year, Bend home sales decrease. There are fewer buyers actively looking for homes in the winter and the holiday celebrations of most families impact real estate sales.

This year, however, there has been a large uptick in the number of Bend homes which went into contract during November.  When Bend single family home sales in November 2019 are compared with those from November 2018, the following changes can be noted:

• The number of homes for sale are down 10.5% to 408*
• The number of homes sold are down 1.8% to 167
• The number of homes pended are up 23.6% to 183
• The average price per square foot on sold homes is up 6.2% to $258
• The average days on market are down .9% to 113
• The sold/original listing price difference is up 1.1% to  96
• The average active price is up 8.1% to $717,000
• The average sold price is up .6% to $519,000
• The months of inventory based on closed sales is down 11.2% to 2.4

Lack of Inventory Continues to Impact Bend Real Estate

With an increase of 23.6% in pending sales in November over the year before, it is obvious that buyers are still in the market for Bend homes. This pushes the price up and puts a strain on inventory. During a time of year in which home sales usually decrease, having that huge increase in homes entering into contract has pushed inventory levels down again - which in turn leads to an average active sales price of $717,000 - the highest it has ever been. 

Have Bend Home prices Reached their Peak?

Buyers often ask if home prices have reached their peak.  Until we see an increase in inventory levels, we can anticipate home prices will continue to rise.

*Data from Central Oregon MLS December 10, 2019.  Original blog can be read at Bend Premier Real Estate's blog page.