Bend Oregon Real Estate| Bidding Wars are HERE!
Let’s take a look at the Real Estate numbers for January 2021
Bend Oregon’s Real Estate inventory remains at HISTORIC low levels and this, combined with the pandemic and remote working…is causing our prices to rise! There are not enough homes to sell in Bend to meet the demand. This was true for all of 2020 and as we begin 2021 it’s still true.
1. JANUARY PENDING SALES WERE UP 19% over December
Bend Oregon Real Estate 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 and BIDDING WARS ensue!
2. JANUARY MEDIAN HOME PRICE up 11% over December
Looking at just January’s numbers the Median Sale Price for a Single-Family home in the city of Bend rose to the highest number ever…$610,000. If you look at the 12 month average numbers, the median sale price is now $540,000.
3. JANUARY INVENTORY OF HOMES AT 0.4 MONTHS of SUPPLY
The supply of homes for sale remains at the LOWEST level in more than 10 years! This is great for selling your home, but for buying home, it presents problems. Typically, 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. That’s not happening any more! We both anxiously watch the listings and as soon as one comes up, we go check it out and hope there aren’t 25 other offers being written on the property. Bidding wars and all cash buyers are fueling the rising prices.
FINAL COMMENTS:
Median Home Price in City of Bend (Single Family only) is UP 15% to $540,000. Number of Homes SOLD is UP 12% over 2020. Pending sales are UP 23% and New Listings are DOWN 4%. Median Days on Market is DOWN 58% from 2020. 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 with multiple over asking 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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