Bend Oregon Real Estate Market Update For December 2019
Where did all our housing inventory go?
We are sitting at 2.8 months of supply in housing inventory for all of Bend! This trend began early fall as mild temps and historically low interest rates extended our selling season well into October. Our current inventory velocity metric (months of supply based off of closed sales) is near all time lows for the month of November. Although our median sales value dropped again to $435K, in certain markets we are still seeing homes sell before they hit the market, and those priced competitively are often getting multiple offers.
Median sales fell back to $435K, up about 3.5% last year. With inventories a their lowest levels in years, I’d expect both the median and average sales prices in Bend to increase as we head into the spring.
November’s Months of Supply number is down nearly a half of month compared to last year, and one of the lowest we’ve seen for the month of November in the past 5 years.
The number of homes that went into contract during October was up about 10% to last year, and about average for what we’ve seen over the past 5 years.
New listings in November are not going to provide much relief to our dwindling supply issue, as only 180 new homes hit the market. The softest November figures we’ve seen in the past 6 years.
What is expected as we enter the new year?
As long as rates stay low, one would expect that we see the market continue to favor sellers, especially in key West side neighborhoods (Shevlin area, Northwest Crossing) that have typically fueled supply with new construction which will most likely not be available until late summer/early fall. The lack of new construction will place additional demand on resale homes which could further drive prices North. In East Bend there are several new neighborhoods scheduled to break ground next year which will help keep supplies a bit more on par with what we experienced last year.