Another data point illustrating the fierce demand for homes in Bend is the average sales price to list price. Dating to the rebound of the housing market in 2013, that figure has consistently been in the 99 percent range, meaning that Bend homes sold on average for 99 percent of their asking price.
Last summer, once social and economic activity emerged from the pandemic-prompted shutdown, Bend’s sales price to list price ratio was consistently at 100 percent. And in 2021, it’s gone higher.
In January, it was 101 percent. It February, 102 percent. And in March, the sales price to list price reached 103 percent.
Even homes in the boutique price tiers of more than $825,000 produced sales that on average were 103 percent of list prices as – for the first time this year – the sales price to list price in March exceeded 100 percent in all price tiers.
March had other signs of the unstinting demand for homes in Bend, and it also had good news for potential buyers in that 231 new homes came to market, the most since September and a number not too far off the norm for March.
The median sales price crept higher in March to another record. March’s median price of $597,500 was less than one-half of 1 percent more than the previous record (February’s $595,000) and 31 percent more than the median price a year earlier ($455,950).
March ended with 89 active homes on the market, less than one-fourth of the number on the market at the end of March 2020. Despite the overall fewer homes in play, though, March ended with 258 houses pending, 40 percent more than were pending at the end of March 2020.
Inventory of homes for sale was half a month – or one-twelfth of the traditional dividing line between a buyer’s and a seller’s market – marking the ninth consecutive month inventory has been less than one month.
The average days on market was 22 days, the fifth month in succession that data point has been less than 30 days.
In the midst of this type of activity, now can be both an exciting and an intimidating time to be in the real estate market. In times like these, a Realtor you can trust and be confident in is vital. If you’re looking to buy a home, or if you’re considering selling, I believe I can help you achieve a successful outcome. I will bring to bear my experience in all conditions and my knowledge of the Bend market as I work 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.