In the final six months of 2020, 1,587 homes were sold in the Bend, Oregon, real estate market. That made it the most active “second” six months of a year on record. By a lot.
The July 1-to-Dec. 31 figure was 20 percent greater than the previous high-water mark for the second half of a year (1,320 homes sold in 2016). The fevered pace of sales in the second half of 2020 reflected the continuing and unabated desire of people to live and work in the Bend area.
Even as fall waned, sales continued to be strong. December is often a slower month for real estate activity, but in December 2020, 215 homes were sold. That’s the most for any December in our data set, which reaches to the start of 2007.
Although December’s 215 homes sold represented an increase of only one more than in 2015, the previous busiest December, those 215 sales were harvested from far fewer homes for sale. December 2020 ended with 109 active listings, compared with 461 active listings at the end of December 2015.
The majority of the data from December seems to indicate that what homes are for sale are drawing strong interest, and that even more homes could be sold if more were on the market.
The 109 active listings at the end of December 2020 is the second-lowest on record to the 108 from the previous month. It is also 70 percent fewer active listings than at the end of December 2019. Of the 109 active listings, 45 percent were priced at $925,000 or more.
Again, despite the drop in listings, sales didn’t flag. The 215 homes sold in December 2020 were nine more than in the previous December, when listings were far more plentiful.
The median price dropped in December, for the second month in succession. That data point was $519,388 – 4.4 percent less than in November 2020 but 18.0 percent more than in December 2019. The median price has dropped 7.3 percent from its high of $560,000 in October.
One data point that showed some softening was in the net change in list prices (taking into account reductions and increases). That figure was minus-5.1 percent, the largest net reduction since September 2019. The negative change in prices had been less than 3 percent from May to November.
- Average days on market were 21 – the shortest on record, three days fewer than November 2020’s figure
- Inventory was half of a month – matching November 2020 for lowest on record.
- Average sales price to list price was 100 percent – the fifth month in succession it has been at least 100 percent
The drop in median price might indicate that some of the urgency surrounding homebuying in the Bend, Oregon, real estate market is relaxing. But regardless of the environment, having a trusted, ethical Realtor working for your best interests is vital. Whether you’re considering selling your home or in the market to purchase one, I can be of assistance. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.