Market Statistics and Data
June 2020 Market Update
Bend has now entered Phase 2 of the reopening and so things continue to work toward a return to normal. Although we are not quite there yet, it is nice to see more businesses and restaurants reopening and more people out and about.
Nationally, the markets had some good news last week with the unemployment figures coming in well under analyst expectations. There is some discrepancy as to whether it was 13.3% or 16.3%, but either way it is better than the 19.7% that was reported in April, and the over 20% that some analysts had been expecting for May.
Also, on a national level, the rate of home showings has finally caught up with (and surpassed) the rate of showings for 2019 (chart 1). This is a very positive sign and a confirmation of what we had been predicting since the April lows. Time will tell how this will continue, but it is good to see that we have rebounded substantially from the initial fear that set in just a couple months ago.
Although the showing activity graph allows us to see what is happening nationally, we have to look at local data from the MLS to get an idea of what is happening at home. Seeing people back out and shopping is great, but it is more important to see if this activity is leading to sales. Chart 2 below shows how monthly Pending activity has compared from 2019 to 2020 for each of the first five months of the year. The effects of COVID in March and April are pretty clear, but it is just as apparent that we actually saw more sales activity in May 2020 than we did in 2019.
When trying to assess what pricing will do, we also have to look at the other part of the equation: supply. When looking at the weekly totals for pending activity and comparing that to the number of new homes that are coming to market over the same period, we are seeing an imbalance. Specifically, we have seen the number of pending home sales outpace the number of new listings for five consecutive weeks (Chart 3).
Despite what would be considered upward pressure on pricing, after a couple months of increases, the median home price saw a small decrease in Bend in May and is now at $445,000. This puts it back where it was earlier this year, before the pandemic took hold. We expect that with the upward pressures described above, combined with low continued low interest rates, this median home price will continue to hold strong and push slightly higher in the coming months.
We will continue to keep you posted on monthly data through this newsletter, but of course please do reach out to us to find out how this all could affect you. We are always happy to talk in more depth and can schedule a time that works for you.
Please be sure to follow us on Facebook at facebook.com/bendpropertysource/. If you’re not on social media, don’t hesitate to call or email us so we can send you the information you need via email or through our website at bendpropertysource.com.
Brian has been very careful to listen to our home purchase desires and showed us appropriate possibilities. He took us through information steps that we had never thought of as we purchased a historic home. I would and have recommend Brian to anyone who is interested in real estate in the central Oregon territory. I appreciate his professionalism. -Susan Reyes
Brian was great to work with and got our home in contract within days of listing. From the custom, professional video of our home to high end brochures, Brian’s marketing of our home was outstanding. Moreover, Brian put in the time in to host open houses that resulted in many potential buyers seeing our home in person. We highly recommend Brian Ladd. -Anonymous
We listed our house with the Ladd Group and they sold it in a day. Everybody on the team (Brian, Kim, and Denise) gave excellent support throughout the process. These people know what they’re doing.
Brian is genuine, honest and knowledgable agent who really cares about his clients.. I appreciate his integrity & character. Most of all I value that Brian seeks to assure that his clients are making a valuable great investment in their property selection.. I highly recommend Brian to anyone who is seeking a home or investment.. Thanks Brian from Adrian & Susan Reyes Frandsen in California..
From our initial appointment, through the marketing & sales strategy discussions, to our eventual close, Brian and his entire team at Ladd Group where professional, thoughtful, and above all else, available to help us through a very challenging sales cycle. It’s important to understand that our home was in a middle-tier market price range that made Brian’s job of finding us a qualified buyer very difficult. Brian helped us stay calm and reasonable in our thinking and actions as we struggled t…
Brian has been a tremendous help to marketing Greg Welch Construction homes and showing the quality of work we can provide. From video adds to print and open communication – We recieve the highest quality of promotion a builder in this market could ask for. Thanks Brian! -Anonymous
I worked with Jaclyn Oakland from The Ladd Group in Bend, Oregon. Fabulous! Very bright, caring, any questions you have about real estate and the local area she can answer. Very motivated, but not pushy. Went out of her way to help. Also, very kind, and easy to be around!
This Ladd team is the most professional team of realtors I have ever dealt with. They are compassionate and detailed in every phase of the process and their communication is above reproach as we were involved in every phase of the sale of our home and the purchase of our new home. Bryan Hilts was especially helpful during the entire process of selling our home and buying a townhome.
Brian was the best agent to work with. He was always willing to work around my difficult and last minute schedule. He understands his clients and works to get them what they want while looking out for their best interests. His background in construction, knowledge of the industry really helped as well. I HIGHLY recommend him. -Anonymous
Bryan Hilts was profoundly attentive and effective at getting us our second home that we desired for a real estate investment. We are so pleased with the home, location and of course price in such a ridiculously competitive market. Unlike many real estate agents, Bryan really listened to our needs and didn’t waste our time showing us houses that did not meet our requirements or were not in our price range. I am grateful for his expertise in making the whole experience a lot more easier