Market Statistics and Data
May 2020 Market Update
Despite a very strong start to the year, with January and February showing stronger sales totals than during the same months in 2019, the effects of the coronavirus caught up with the real estate market in March and April. Compared to the same months last year, we saw Pending residential sales in Bend drop 21% in March and 50% in April. The drop was not a big surprise, as we saw showing activity come to a near standstill in early March. However as April wound down, we saw the number of showings pick up dramatically, with that number currently approaching levels seen in 2019.
Bend is a bit unique in that we generally have a decent number of out-of-town visitors making up a large portion of our buyer pool. However, due to travel restrictions, showings and activity for April and now the first part of May have been primarily local buyers. Despite this, we are encouraged to see that in the first 11 days of May, we have seen 165 homes go pending. This compares to 120 in the same timeframe in 2019 and represents 37% increase year over year. We find this very encouraging, especially after seeing about a 50% decline year over year in April. The lack of pending activity in April will continue to lead to lower than expected sold activity in May, but the increase in new pending activity is a good sign for the market and will lead to June sales.
Prices up to this point have continued to hold strong, with the Median Home Price primarily unchanged from March ($460,000) to April ($468,000). A big reason for this is the lack of available homes for sale across Bend. In April we saw 38% fewer new listings than the year before, and this trend has continued in the first 11 days of May. Although we have seen the number of new listings picking up week over week, it has still not caught up with what we would expect this time of year. We do know that many people have been sitting on the sidelines waiting for the “right time” to list their home, and we fully expect that many will do so in the coming weeks.
Stay in the Know About the Housing Market
For those of you who are wanting to hear how the housing market has been holding up in the midst of all this, we have been trying to keep you updated through webinars, calls, and posts on Facebook. Be sure to tune in to our next webinar on Thursday, May 21 at 4 PM, which will address the topic of building in Bend.
Be sure to follow us on Facebook at facebook.com/bendpropertysource/ or on Instagram @bendpropertysource. If you’re not on social media, don’t hesitate to reach out to us so we can send you the information you need via email or through our website at bendpropertysource.com.
Please reach out if you have any questions about the market or want to discuss how any of this could affect you and your situation. We hope you are well, look forward to talking with you soon, and hope to see you at our next webinar.
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!
Brian excelled in all aspects of what I would expect from a realtor. The bottom line is that he successfully sold our home for full asking price in a mere two days. He is professional, communicates step-by-step the process, and made me feel confident that our home was going to be given his full attention. His took great pictures and uses high quality marketing materials. I highly recommend (and I have already to family) working with Brian and would do again. -Anonymous
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
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…
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 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.
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.
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.
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
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.