You may have seen headlines recently that the “housing boom is over” nationwide. Inventory in Bend and Eugene reached their lowest points in the spring, and it’s been climbing steadily since. At the same time, prices are also climbing, especially in Bend. Why?
Well, inventory is still really, really low in both Bend and Eugene. Inventory averaged 6.3 months nationwide in June, but here, it’s hovering around 1 month. Things aren’t as tight as what we saw in the spring, when inventory dropped to 0.7 months in both Bend and Eugene. But in July, prices were still up 26% year-over-year in Bend and 21% in Eugene.
Through the remainder of the year, we expect appreciation to flatten as inventory accumulates heading into the colder months. That’s typical for the winter – but we still expect higher than normal activity in the fall and a market that is still overall very competitive.
The question is always: how does this bigger picture affect you if you’re thinking of buying or selling in the near or more distant future? We are more than happy to chat about that and give you personal context. Regardless of broader trends, the devil is always in the details, and we bring a level of attention and expertise that will help you navigate the choices you need to make.
In the meanwhile, here’s July’s numbers for Bend and Eugene.
Bend Market Report for July 2021
In July, the median sale price for all residential properties in Bend hit an incredible $675,000. That’s up 3% from just a month earlier.
Still, there are signs that Bend’s hot seller’s market is starting to lose a bit of its steam. Buyer activity is down significantly from a year ago. New listings, on the other hand, are up. The result is that inventory is finally climbing, reaching 1.2 months in July. That’s still really, really low, but it’s welcome news for buyers. We expect that prices will start leveling off soon, but we’d be surprised if they drop much if at all from here at least through the warmer months.
Inventory is up especially in the $500-650k range. In June, there were 50 such properties available, but that number climbed to 90 in July. Sellers at these popular price points will need to do more to stand out from the crowd, while buyers should have a bit easier time.
Eugene Market Report for July 2021
Prices in Eugene fell shy of the record of $440,000 set in June. But with new listings down month-over-month and pending sales up, the scene is set for Eugene’s median sale price to continue appreciating through the rest of the summer.
On the other hand, Eugene properties spent slightly longer on the market in July (a median of 8 days versus 5 in June.) The most desirable properties are still selling really, really fast, but this could be a signal that buyers aren’t as eager to compromise on a less-than-ideal home.
Interestingly, inventory is up slightly in the sub-$400k range and down significantly in the $400-600k range. The latter has become Eugene’s most competitive price point, and in July, new listings of $400-600k properties were down 26% month-over-month, dropping from 150 to 111. Bidding wars on these homes will continue to drive prices in Eugene higher for the time being. For sellers, it’s an especially lucrative time to list homes at these price points.
Let’s chat soon about what these market trends mean for you. Until then, thanks for reading, and we’ll continue to keep you updated!