The median sales price of a home in the Bend, Oregon, real estate market reached another new high in February. The median price was $595,000 as sellers on average received more than the list price and the available inventory remained less than 20 days.
Even as COVID-19 numbers appear to be slowing down and vaccines become more prevalent, and even as interest rates creep higher, the demand for homes in Bend rages.
Some perspective on February’s $595,000 median sales price and the market:
- Year over year, the median price rose 29.3 percent from February 2020. So, Bend’s median sales price has shown year-over-year increases of more than 29 percent in back-to-back-months (it was 29.2 percent in January 2021).
- Month over month, the price rose 3.0 percent. The amount might appear modest. Looking back to 2013, however, when the economy began recovering from the recession, Bend’s month-to-month increase for a February has exceeded 3.0 percent only one time.
- The average sales price to list price climbed to 102 percent in February. It is the seventh month in a row that the sales price-to-list price number was at least 100 percent.
There is strong evidence of the dearth of homes on the market. February began with 92 active listings. That is barely one-third of the previous low mark for that month (275 in February 2017). The average listings at the start of February over the previous five years was 358.
During February, 181 homes came to market, and 118 homes were sold during the month. The number of sales was a little below the five-year average, but in those five years, far more homes were on the market. A higher percentage of homes on the market were sold than in February of previous years.
Bend’s real estate market has long had an inventory skewing toward a seller’s market. Six months is the generally accepted boundary between a buyer’s and a seller’s market; Bend hasn’t had successive months of inventory of six months or more since January and February 2014. February 2021 ended with an inventory of about 18 days, the eighth month in a row Bend’s inventory has been less than one month.
Homes at the boutique end of the price range continue to provide the biggest component of housing inventory (what inventory there is, that is), but even the most expensive homes are selling for more than list price. In the tiers from $425,100 to $625,000, the sales price-to-list price figure was more than 104 percent.
CNBC reported that there were 207,000 fewer homes for sale in the United States in January and February compared with the previous four years, so Bend isn’t alone in having a scarce supply. But the Bend real estate market, as the numbers show, stands out for the esteem buyers show for it. If you’re looking to buy, or if you’re considering selling your home, I believe I can help you navigate through these unique times. I pair my knowledge of the Bend market with my ethical approach to the industry to deliver the best outcome for you. I encourage you to contact me at (541) 362-1031 or to visit Bend Property Search to connect with me through my website.