I intended for this space to highlight new and exciting listings. Homes that I thought would be stand-outs at a good value. But the way this market is currently playing out, new listings are going under contract in a handful of days. I am not able to keep up! So, instead I am posting about the Bend and Central Oregon housing market during this unusual time. Not only is this an unprecedented pandemic time in which we have changed the ways we interact, work, travel, and live, but the Bend and Central Oregon housing market is in high demand. With very low inventory. Our days on market averages went from 74 days in an already low-inventory market in February 2020, to just 4 days in October 2020. Most properties get multiple offers in quickly, leaving a lot of buyers losing out on offer after offer submitted, then waiting and watching, ultimately spending more than they anticipated. Median Price went up from $460,000 in March to the current $560,000 reported in the Beacon Report for October. Our monthly inventory trend went from about 2 months of inventory to .6 months worth of inventory for the same timeline. There are some homes that go onto the market a bit overpriced, even for this time, but they too are being snatched up somewhat quickly, spending closer to 30 days on the market. And appraisers are taking all of this into account and adjusting accordingly. If you are purchasing, hang on to your patience. If you are selling, now is an amazing time to sell. Hang on Bend, we are in for a ride and a fresh new population. As a long-time Bend Oregon resident, I am excited to welcome new Bendites, and also look forward to retaining what makes Bend and Central Oregon so special.
