Market Statistics and Data
July 2020 Market Update
Although we are still dealing with the ongoing challenges of COVID and have a long way to go before we are back to “normal” in Bend, there has been a marked influx of visitors (and buyers) coming to Bend. When you compare our situation to that of many of our feeder cities, Bend is a bright spot and is increasingly on people’s radar, whether for a short vacation or something more permanent. With this influx, we have seen some of the strongest conditions in real estate in many years.
As we discussed in a few of our webinars, it was not surprising that the housing market took quite a hit in terms of the number of homes sold at the beginning of the pandemic. In April and May, we saw roughly 50% fewer homes being put under contract than during the same period of 2019. We expected that the housing market in Bend would bounce back, but the question was the duration of the downturn. We discussed whether it would be a V shaped recovery, U shaped recovery, or something like an L with a prolonged creep back to normal levels.
Looking at the data below, it seems fairly clear that the recovery was sharp and V-like. You can see that the number of showings has continued to remain higher than in the same months of 2019. This information, combined with the continued number of Pending sales we are seeing, will lead to continued sales in August and September.
The next two statistics to review to see if showings are translating into sales are the number of homes going Pending and the number of those homes that are selling. The following two charts summarize what we have seen this year and both show a V type of recovery from a steeper drop in the Spring. Both are also higher than what was seen in 2019, which by all accounts was a strong year for real estate. For perspective, in searching the data, we were unable to find a June with more Pending sales in the last 20 years.
Pending Sales Year Over Year
Solds Year Over Year
*both charts are based on MLSCO totals for single family, residential in Bend and are through Jul 22
The next chart is possibly the most startling and compares the number of new listings coming to market to the number of homes going Pending each month. As you can see the number of new homes getting listed was running roughly in line with the number of Pending sales, but in the last few months it has deviated drastically. With so many homes going Pending and so few new homes coming to market, it is no surprise that the average days on market is 21 and the median price has increased ($464,000).
2020 Pending Sales vs New Listings
When you factor in record low interest rates (Wall Street Journal article) to this lack of inventory, it is no surprise that we are seeing many multiple-offer situations. There is pent-up demand and very little supply, so we are working extra hard to make sure our clients are well-informed and prepared to navigate these competitive times. If you have any questions about how all of this affects you, we would be happy to set up a time to discuss your options.
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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
We recently moved to Bend and started looking for our new home. Erin Martin was one of the few brokers we contacted, however she was unique in that she intuitively understood what we were seeking and appreciated our exacting requirements. Actually Erin was the only broker that suggested we also look at new construction as a way to avoid purchasing something that we might feel would require extensive remodeling. She was right on the money! When we decided on the home we wanted it was still in the…
We had an amazing experience with the Ladd Group. They were incredibly knowledgable of the local market and presented excellent data to help formulate the price point on our home. With them we were able to sell our home in 12 days, at an above asking price with multiple offers. Steve LaCrosse worked most directly with us and also helped us find our current home in addition to selling our home. He was accessible, hardworking and always had our vision and needs in mind. We highly highly recommend!…
We began our search from out of state and Brian was exactly what we needed. He is a transplant to the region and has done extensive research about the area and what each neighborhood has to offer. He easily understood what we were looking for, and when we finally made an offer (sight unseen) it was because we trusted what he saw in addition to his knowledge and support. I would highly recommend working with Brian. -Anonymous
My wife and I could not have been more pleased with the work that Brian and the Ladd Group performed with the sale of our home, and the purchase of our new one! Not only was the listing of our home really well done, but the execution was incredibly impressive. The house sold in one week for over asking! Our needs were somewhat complex as well, with the sale/purchase simultaneous, and Brian’s teammate Lily Leedom worked daily with us to find our new home. Lily was diligent in learning our prefer…
Kim Chapin from the Ladd Group is awesome! Coming from out of state, we really needed an expert who could read our needs quickly and help to navigate details from long distance. Kim went beyond our expectations and has helped us to negotiate our way thru a complicated buy. Kim and the Ladd Group are top notch!
We chose Erin Martin with the Ladd Group to list our home. She exceeded our expectations multiple times over with her personal service and timely manner. A real go getter. We really appreciated all of her hard work and late hours she worked on our behalf. Superior service with a true professional group.
Denise was very supportive and helpful during the house buying and selling process. She was knowledgeable; and her steady, low key style suited my likes and needs. I very much enjoyed working with her.
My agent, Alice, was very knowledgeable in every aspect of purchasing my new home. I appreciated her attention to details that I would of perhaps overlooked. Buying a new home can be stressful, but with Alice it was a fun and smooth transition. I have recommended her to others and will use her in the future for any real estate purchases.
My experience with the Ladd Group has been superior, due in large part to the efforts of Alice Fairbairn. Alice has been a true professional, and a pure delight to work with, and one of the very few people I have worked with over the years who seemed to have a genuine interest in my needs, instead of just focusing on the sale. Her associate, Allison Wiggins was also a positive part of the process. The Ladd group is indeed fortunate to have these two professionals as members of their group.