A slowdown in real estate activity near the end of the calendar year is a seasonal expectation. But what’s happening at the end of 2020 in the Bend, Oregon, real estate market looks more like a shortage of homeowners willing to put their house up for sale than any sign of a slumbering market.
November ended with 108 active listings. Even accounting for end-of-year effects, that’s a remarkably low number:
- The fewest active end-of-month listings in the Skjersaa Group’s data set (which dates to the start of 2007).
- 33 percent fewer than the previous low-water mark (which was 162, in October 2020).
- The fourth consecutive month that active listings were fewer than 200 – the other three months being the months immediately preceding November. In fact, the only four months in our dataset active listings were fewer than 250 have come in the last months.
This lack of supply comes when sales prices have reached unprecedented territory. The median sales price in November was $543,500, making five consecutive months that figure has exceeded not only the $500,000 barrier but in fact $525,000.
November’s median price was 3 percent lower than that of the previous month (a record $560,000 in October) and 26 percent more than the median in November 2019 ($431,000).
Although November ended with a dearth of listings, the sales activity during the month was far from still. The homes-sold figure of 212 was the highest for any November on record and 27 percent more than the 167 sales of November 2019.
Since the expiration of Gov. Kate Brown’s March stay-at-home order, prices have increased and inventory has decreased in the Bend, Oregon, real estate market. In addition to the existing attractions of Bend as a place to live, the real estate market here apparently is reflecting a national trend.
According to the Pew Research Center, “Among U.S. adults who moved due to the pandemic, 28% say the most important reason was to reduce their risk of contracting the virus.” Cities such as Bend remain attractive options for those relocating from denser areas, such as the Puget Sound or California Bay Area.
Other data points seem to strongly suggest that there aren’t enough homes on the market to satisfy demand – such as 110 homes newly coming to market in November (a low for any November) and a fifth straight month ending with more pending sales than active listings (the only five such months dating to 2007).
In a market with prices at or near record highs, having the right Realtor work on your behalf can be more important than ever. Whether you’re considering selling your home or in the market to buy, I can help you with your real estate needs. My ethical approach to the industry, my experience in all sorts of markets and my knowledge of Bend can be invaluable in your quest. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.