Bend OR Real Estate Sales Still Strong November 2021
Bend homes prices are still rising, despite the seasonal slowdown that is experienced in 4th quarter. Demand is strong, but there is a significant reduction in inventory as is typical in the fall, especially once the holiday season begins. The median home price of a Bend single family home has broken a new record and is now pushing $700,000. More purchases this fall have involved loans as compared with the 2021 summer when cash buyers usually won in a multiple offer scenario. With fewer multiple offers, more buyers with loans are having their offers accepted. If the price of the home works for their budget, first time homeowners are now seeing their offers accepted.
When November of 2021 is compared with November of 2020, the following can be noted for Bend single family home sales on less than an acre:
- Average sales price up 26.4% to $808,882*
- Median sales price up 26.9% to $683,250
- New listings up 10.9% to 143
- Homes for sale down 62.3% to 172
- Pending sales up 68.4% to 357
- Sold homes down 4.3% to 201
- Median days on market up 83.3% to 11
- Months of supply down 61.9% to .8
- Average price per square foot up 22.2% to $385
- Median price per square foot up 21.6% to $360
- Median percentage of list price received down .2% to 100%
- Dollar Volume of closed sales up 19.2% to $160,158,550
Although Bend Home Sales Have Slowed, It is Still a Seller's Market
Lack of inventory with strong demand has been an issue for many months in Central Oregon. The Bend market continues to experience insufficient inventory levels to meet the demand of buyers. This has led to among the highest home prices we have ever seen, with no end in sight. With both average and median sales prices up 26% from November of 2021, we can anticipate that Bend homeowners will keep seeing increased equity in their property. For those willing to sell at market prices, they should find their homes sell quickly for top dollar.
Original blog can be read at Bend Premier Real Estate's blog page.