Bend OR Luxury Home Sales - Third Quarter Trends

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

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.

 Bend Luxury Home Sales

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.

 

Bend Luxury Homes

 

Comments (8)

Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Lynnea Miller it looks like they are going to keep you busy there.  Keep up the great work!

Oct 13, 2020 02:15 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lynnea, I loved the photo and after that I was so distracted by the information, I just kept dreaming about that house:))Endre

Oct 13, 2020 10:13 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will certainly appreciate your local real estate reports.

Oct 14, 2020 06:39 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lynnea, love that home you feature!   Our luxury market is exactly like yours, and these listings are not lingering on the market long!

Oct 14, 2020 07:26 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Endre Barath, Jr.  It is a lovely house on a double lot in our Broken Top subdivision - a well established gated golf course community in Bend. Thanks for looking!

Oct 14, 2020 10:09 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Joan Cox . All our listings are flying and the high end is not an exception.

Oct 14, 2020 11:08 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Thursday morning, Lynnea. I hope you are having a very productive October.

Take care and be safe.

Oct 15, 2020 08:27 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Good morning, Roy Kelley . We are having a very fine October.  I hope you are as well. 

Oct 15, 2020 11:26 AM

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