Bend Oregon Housing | 2021 Crash or Boom?
Let’s take a look at the numbers for December
Bend Oregon Housing…What’s WRONG? There are not enough homes to sell in Bend to meet the demand! This was true at the beginning of the year and it’s only gotten worse! At the start of 2020 no one knew what would happen to the Real Estate market in Bend, Oregon. Now that we’ve made it through the year, let’s see what really did happen!
1. DECEMBER PENDING SALES WERE UP 18% over November
Bend Oregon is seriously short on homes to sell and here’s why...combine this with a decline in New Listings and there just aren’t enough homes to satisfy the demand, which in turn means that prices go up.
2. HOMES SOLD IN DECEMBER WERE DOWN 5% over November
Not surprising with so few homes for sale that homes that closed in December were down slightly from November. Also the normal factors of the Holidays and add on top COVID-19 and politics and you get the picture.
3. DECEMBER INVENTORY OF HOMES AT 0.4 MONTHS of SUPPLY (that’s less than 2 weeks, folks!)
The supply of homes for sale is at the LOWEST level in more than 10 years! I’m currently showing my clients homes ONE AT A TIME because there’s so few homes on the market. This would be like going grocery shopping for carrots, driving home, then going back to the store for bread, then driving home…YOU GET MY DRIFT! Normally, I would show clients 3 or 4 homes in an afternoon and possibly, one of them might be “the one” and we can write an offer. Not happening that way any more! We both anxiously watch the listings and as soon as one comes up, we go check it out. This is a much longer, more tedious process than is typical, but it’s what we’ve got to work with until we more homes hit the market. That’s a whole other topic for another post…why don’t we have enough homes to sell?
FINAL COMMENTS:
In general, our year-over-year numbers are similar to the December numbers. If you average data over the last 12 months it looks like this:
Median Home Price in City of Bend (Single Family only) is UP 14% to $535,000. Number of Homes SOLD is UP 11% over 2019. Pending sales are UP 23% and New Listings are DOWN 4.5%. Days on Market is DOWN 50% from 2019. To summarize…prices are going up due to high demand and lack of homes to sell. Homes, if priced correctly for condition, are selling VERY QUICKLY. So Buyers in this market have to MOVE FAST in order to get what they want.
FOR SELLERS:
2021 is looking like a continuation of 2020 as far as the Bend Housing Market. High demand (we became a ZOOM TOWN, ya know) and lack of supply keeps prices moving upward. If you can have a solid plan of where your next home will be, NOW might be your “window of opportunity” to sell your home for top dollar. Let’s connect and I’ll let you know what your home is worth. Armed with accurate numbers (not Zillow’s Zestimate!) you can make the best decision for your finances and your future.
FOR BUYERS:
- Find or ask me for a list of LOCAL LENDERS and get Pre-Approved before you begin your home search
- Be ready to make quick decisions because homes are selling very quickly and sometimes with multiple offers
- Keep your “must have” list as short as possible to increase the number of homes available to you
- Find a great Realtor to work with who will be your support and guide through this crazy market (wink, wink….that would be me!)
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