The first full month of the Covid-19 pandemic impacted Bend single family homes with sales significantly down over the same month in 2019. Some buyers lost jobs which in turn kept them from qualifying for their mortgage. In other cases, sellers took their homes off the market not feeling confident to sell during the stay at home orders. Other buyers delayed their trips to Bend and canceled appointments to view homes. While Bend home sales still are occurring, it is different than it was before Covid-19.
When April 2020 Bend single family home sales are compared with April 2019, the following differences can be noted:
Homes available for sale down 16% from 971 to 811*
New active listings during the month down 35% from 364 to 236
Pending home sales down 41% from 296 to 172
Homes closed down 6% from 202 to 188
Sold Volume up 1% from $116,745,137 to $118,479,010
Average sales price up 9% from $577,946 to $630,208
Percentage of list price to sales price unchanged at 0%
Predictions for Future Bend Oregon Real Estate Sales
There is a misperception in the country that single family home prices have to drop as a by-product of the pandemic. However, the opposite is actually happening. This current recession is a result of a virus, not the result of poor lending practices which caused the great recession of 2008. Housing inventory has still not recovered from great recession and in Bend, we have less than 3 months supply of homes with a balanced market at 6 months. Even though fewer homes are currently listed in 2020 than were in 2019, there are fewer buyers as well, which still leads to home prices rising with demand far outstripping supply.
Now is an excellent time to list a Bend home. Our Brokers know how to sell Bend real estate safely during this challenging time. Give us a call today at 541-323-2779.