Central Oregon Market Update - April 2021

Happy Spring! 

It’s hard to believe that we are already to the middle of April. The first quarter of the year sure flew by, didn’t it? We have been busy navigating the “new normal” of our real estate market. As you have probably heard, things are crazy. Homes come on the market and it's a mad dash to get into see it before it has multiple offers. Coaching clients on realistic expectations, putting together offers that work for all parties, and clear communication with our colleagues has helped us stay in the game. We’ve even started knocking on doors to find our Buyers the perfect home! And of course, we are helping our Sellers to temper their expectations as well - a correctly priced home is as important now as it has ever been. For our data loving friends, see below for the recent market stats! Some of the numbers are staggering… 

Personal Notes:  

From Rachel - "On a personal note, what a crazy year it has been. Chris and I have spent the last year at home doing house projects, like most, building a huge new deck and paver patio with fire pit to hang outside at a respectable distance, and started a shop with apartment above. While this kept us busy and looking forward to being able to see people, I am so ready to travel again, and for life to normalize.. whatever that means!
 We did finally head out of town to visit family in LA, just this past weekend, as we all have been fully vaccinated. It was a great opportunity to sit on a beach, enjoy some sun, and get a little perspective on costs of rents. I honestly have no idea how anyone affords the prices I saw down there. And apparently that is inexpensive according to many… ”

From Kacey - “We are settling into the new house nicely, and feeling at home. Going from 20 acres to a small, in town lot forces you to be extremely organized! We are finally getting some floor space back in the garage. Our son decided to not go back to in-person school with the rest of the masked teens, so he has been doing the online curriculum (just until the end of this year). It’s been challenging, to say the least. The work is significantly harder, and it’s taken a lot to keep him on track. Luckily, my husband is a lot more patient than I am!  I’m looking forward to warmer weather and getting out on my paddle board. During these past few months I’ve rekindled one of my favorite childhood loves - rollerskating. I’ve been mostly working on dance moves in the garage (hence the push to get some floor space), but plan to head outside now that it’s warming up. I’ve been scoping out some newly paved paths and neighborhood streets. Keep your eyes peeled for me bombing down the west hills! Ha!”

We were honored in February with our 2nd “Top Team” award for 2020 from Bend Premier Real Estate. It is such a joy for us to be successful at what we love doing, and we are already working hard again in 2021. If you have questions about residential or commercial real estate - we are here for you, as always. Be well!

Be well, and stay safe!
Rachel & Kacey

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Market Stats: 
When March 2021 is compared with March 2020, the following data can be noted for Bend single family home sales on less than an acre:

• Average sales price is up 40.7% to $776,573*

• Median sales price is up 32.2% to $597,500

• Number of new listings down 8.2% to 225

• Homes for sale down 84.9% to 99

• Pending sales up 103.7% to 385

• Sold homes down 6.3% to 177

• Median days on market down 76.5% to 4

• Months of inventory down 87.9% to 12 days

• Average price per square foot up 40.9% to $365

• Median price per square foot up 36.2% to $331

• Average percentage of listing to sales price up 5% to 104.2%

• Dollar volume of sales up 31.7% to $137,453,417

It should be emphasized that the number of sold homes are down 6.3% compared with 2020, yet the dollar volume of sales is up 31.7%. Bend home prices are on such an upward trend that appraisers are having a hard time justifying some of the prices and we are seeing homes not appraising, despite the huge demand and multiple offers. It is challenging to be a buyer in this market, especially a buyer that needs to finance their home purchase.