Greetings to our clients and friends. While listing and selling real estate is our primary focus as professional Realtors, it is also important to keep our clients and friends informed about what has happened in the past and current trends in our local real estate market.
The Market Study reflects a ten-year history of real estate activity in Bend. Click here for details:
The Bend (SFR) single family residence average price increased 15% from last year, bringing the average sales price to $609,987 while the median price finished at $500,000. A number that seems to describe how quickly the 2020 market moved is in the average days on market that went from 103 to just 41. 2020 was one of the strongest real estate markets in U.S. history.
Much of what drove the 2020 housing market was the impact of COVID-19 which caused deurbanization across America. Much of the population also moved up to larger homes to accommodate working from home indefinitely as well space for home schooling. The National Association of Realtor’s Chief Economist Lawrence Yun is predicting 2020’s banner year will carry over well into 2021. Yun believes 30-year fixed mortgage rates will remain in the low 3% through the year. Additionally, he believes there will be a 21% jump increase in new home sales and a 9% jump in existing home sales in 2021. Inventory is likely to remain tight in the first part of the year but shows signs of improving as more seller become comfortable listing their homes and new home starts take off.
When you are in the market to purchase or sell real estate in Central Oregon, we would be grateful for your business and welcome the opportunity of serving you. Let us put or 80+ years of combined experience to work for you.
Wishing you all the best in 2021!
Julie, Jared, Martha, Melissa, Camille & Alison