Lack of Inventory Impacting High End Home Sales in Bend
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 sales over $1,000,000 are way up this year. Depending on the property, multiple offers are often driving the price even higher than the listing price which is why cash offers are often beating out higher offers involving a loan for fear the property will not appraise. 94 new listings hit the market during third quarter with 106 selling - a net deficit of available inventory. This in turn is leading to a stronger seller's market in which price increases can be anticipated to continue for some time to come.