Market Statistics and Data
August 2020 Market Update
Everyone has probably experienced some aspect of the real estate frenzy that has been taking place this summer in Central Oregon. Maybe you witnessed the steady stream of people walking through the newly listed home down the street, or you perhaps were a part of that group of buyers and experienced the bidding war that ensued later that evening. If you were lucky, maybe you were the seller who was reviewing 3 offers in the first few days of being on the market.
However you shake it, the activity we have been seeing in the housing market is unprecedented. All of this was confirmed in the headlines last week, such as “Bend’s median home price hits $529K amid hot C.O. real estate market!” (a 12.5% increase from the month prior). These stats are pretty staggering, so let’s dissect them a little further.
A quick glance at the numbers shows that we may have peaked in July. The number of pending sales in July was 44% higher than that of July 2019. Although we saw more homes go Pending in the first two weeks of August than we did over the same period last year, the increase is less than that of July.
However, when you dig a little deeper, in 2019 more homes went Pending in the second week of August than in the first, while in August 2020, the number of Pending homes dropped from week 1 to week 2. This is a small sample set and could bounce right back this coming week, but it could also be one of the first signs of a change that is happening beneath the surface.
Although the headlines (and recent additions of this newsletter) have outlined how strong the housing market has been, there are some other things to consider. This chart from Realtor.com goes beyond just sale price or pending activity and factors in key market components such as supply, demand, price and time on market to generate a corresponding index value. When we look at the numbers this way, we can see that although we have seen a huge recovery, we are actually approaching the same levels we saw before the pandemic.
So, what happens next?
Well, the answer is: It’s hard to say. On the one hand, we have historically low inventory (less than 2 months) and a steady stream of buyers eyeing Bend as their home base for remote work and school. On the flip side, we have the threat of another surge in COVID as well as a looming general election in November, both of which have shown that they can sway markets.
Although we don’t know exactly how the next few months will play out, the bottom line is that we have continued long-term optimism for Bend. We do not expect any major downturns in pricing, given the low supply, high demand, and consistently low interest rates. However, there are several factors that can affect short-term fluctuations. Potential sellers have an opportunity to take advantage of the pent-up demand and maximize gains. As more sellers do this, buyers will see more opportunities come to market, and as long as they are ready and prepared to act, they will be in a good position to capitalize as well.
Regardless of which end of the spectrum you are on, being prepared and knowing your options are key to navigating this ever-changing market. Please give us a call and we can schedule a time to sit down (either virtually or in person) and discuss your options.
As always, be sure to check out our recent webinars and 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.
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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!
Denise Wyatt was amazing throughout the process of both selling our current home and purchasing our new home. She helped sell our home at the top of market value in about two weeks, and helped us negotiate a number of changes and upgrades in our new construction home purchase. Other members of the Ladd group also were very helpful and responsive. We have bought and sold many homes over the last 25 years and Denise and the Ladd group team have been the best we’ve worked with.
Working with Brian to find a new home for us was a great experience in all aspects. Brian listened well to our selection criteria, and always quickly responded to our many questions. We knew we were in very good and experienced hands with his extensive knowledge of the local real estate market. Brian’s completely open style and pleasant personality make him a top choice. Brian obviously loves his job and the results he gets for his clients show his dedication and commitment. HIGHEST RECOMMENDAT…
I interviewed several real estate agents for the sale of my home in Bend and Brian was the one I picked. He was absolutely the right choice. Brian and Cascade Sotheby’s know what it takes to market a home at the national level. Brian also knew the market cold and made exactly the right call on pricing. I could not have asked for a better experience. I cannot recommend Brian more highly. If you want to sell a house in Bend he is your man. Thanks Brian it was a pleasure doing business with you! …
As a buyer trying to find a house in Bend while still living in South Carolina, I really wanted to pick the right agent. Brian seemed like my kind of guy, and Sotheby’s doesn’t use just anybody, so I felt it was worth a try. He was the perfect choice. In only a few emails, he was able to understand precisely what we were looking for. On a trip to Bend, He showed me houses that all fit with what I was looking for. In just one day, he gave me an overview of most of the west side of town and the m…
We first became acquainted with Brian 12 years ago while building our home in Arvada, Colorado by Bruttany Builders. Brian was always willing to make sure all of our concerns were addressed and remedied. We began looking for a second home in Steamboat Springs, Colorado 3 years ago. We were pleasantly surprised that Brian was a Real Estate Agent in the area and to be honest that is why we pursued the search at that time. Brian made himself available on the week-ends that we would be traveling…
Brian is a joy to work with. His background in construction is a definite plus and helped us stay away from some questionable properties. He led us through the buying process and was always there to answer any questions or resolve issues that came up. His guidance and expertise were greatly appreciated and I would highly recommend him when choosing a realtor. -Anonymous
Steve LaCrosse from the Ladd Group was a spectacular real estate agent. He took the time to get to know who we were and what we needed during the process. I felt like he cared about matching us up with the right property instead of just selling something. I’ve already recommended him to many people asking for agents who know the area from the view of a family member, not just that of a salesman.
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.
Brian and his team at the Ladd Group sold our home in Bend while we were in California. They took care of everything and we had a few hurdles pop up with the prepping of the house for sale, which they took in stride and worked around. Brian is very responsive and everyone on the team seems to do a super job. We would highly recommend the Ladd Group. On top of all that, after our property closed, we received a very nice gift from Brian in the mail – and we’ve NEVER received a “thanks for doing b…