Bend OR Real Estate - June 2020 Trends

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

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 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.

June Months of Supply June Pending Sales

* Data from Multiple Listing Service of Central Oregon 

Original blog can be rea at Bend Premier Real Estate.

Comments (16)

Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Lynnea- This is excellent information to provide for your buyers and sellers!!!   

Jul 09, 2020 04:42 PM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

I think that's the "points".

Jul 09, 2020 05:05 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Seems many places are experiencing a decline in inventory Lynnea. Another reason for buyer and sellers to call you to help them make an informed decision!

Jul 09, 2020 05:43 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Lynnea,

Sounds like your market is doing well. We are low on inventory too and seeing some multiple offers on some homes under 600,000. Thanks for the update on your market. I hope you make your points.

 

Jul 09, 2020 06:46 PM
Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Great market report. I'm finding that the one who benefits the most from doing them is ME! It let's me know what's really going on in the market, not just what I think is going on. 

Jul 09, 2020 09:20 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Thanks for sharing your market update.  I hope you have a great day.

Jul 10, 2020 02:33 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Lynnea,
Those are some very startling numbers.  Homes for sale down 66.7%. Pending sales up 116.5%. That's putting a tighter squeeze on an already tight inventory, isn't it? I'm curious why the Homes Sold number is down 3%. Is that due to a slower closing process due to the Pandemic? 

Jul 10, 2020 04:57 AM
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Good morning Lynnea,

And I hope your numbers have increased substantially.

Make yourself an interesting day.

Jul 10, 2020 05:07 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Prices up, pending up, inventory down. Sellers should be calling you to get their homes on the market now!

Jul 10, 2020 05:41 AM
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Great market report & we shall see if the trend continues for people leaving the cities. 

Jul 10, 2020 06:10 AM
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Lynnea Miller 

Great report. It seems that Bend, OR is much like MA. We have little inventory, there is much competition and buyers are placing offers on multiple properties before receiving an accepted offer AND Prices ore skyrocketing

Jul 10, 2020 07:13 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Carol Williams .  The 3% on solds compares what we had last year - and our late spring/early summer sales were very strong in 2019. The fascinating think is the increase in pendings in June. What we are seeing are buyers from urban areas leaving and coming to Central Oregon.  Lots of Seattle and San Francisco transplants wanting more openness. And recognizing that if their work allows telecommuting, why stay in high density urban areas?

Jul 10, 2020 09:53 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Lynn ~ A great market update for the Bend, OR real estate market.  We are seeing some of that shift to detached single family homes with a yard & space, from the urban convenience that was highly sought prior to COVID-19.

Jul 10, 2020 10:09 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

The Bend, OR market is similar to the San Francisco Bay Area market. Inventory was low and prices were rising going into the pandemic. Now, inventory is even lower and prices are stable to slightly up.

I have been to Bend in both summer and winter and it is a very attractive area, Lynnea Miller 

Perhaps work-from-home will tempt more buyers to look at Bend as a place to live while they work in their far-away jobs.

Jul 10, 2020 10:30 AM
Kris Collis, Associate Broker
Smart Way America Realty - East Stroudsburg, PA
Professional Results you Expect 570-801-5525

Lynnea, we are seeing some of the same buyer activity in our more sparsely settled collection of small towns that make up the Poconos of northeast PA.  Best of success with your buyers and sellers during this period of pent up demand and, your soon to be new status in the Rain!

Jul 10, 2020 05:28 PM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Coming over to help you get some points toward your goal and freebie account.  D

Jul 12, 2020 08:39 AM