Are Bend Oregon Home Sales Leveling Off?

The July 2018 figures are out and there has been a change in the sales trends for Bend single family homes. Since coming out of the great recession, home sales in Bend have been strong with pended and sold trends consistently higher than those from the year before.  While the average price per square foot continues to rise, the actual numbers of homes sold and pended are down.  When July 2018 is compared with July 2017, the following data can be noted for Bend single family homes on less than an acre:

• Homes for sale down 2.9% to 643
• Homes sold down 6% to 233
• Homes pended down 4.3% to 222
• Average active price up .6% to $654,000
• Average sold price up 5.5% to $502,000
• Months of inventory based on closed sales up 3.7% to 2.8
• Average price per square foot up 2.8% to $253*

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Bend OR Single Family Home Prices Reach New Heights

The price of a Bend Single family home has grown to a level never seen before. The number of homes sold under $500,000 has significantly lessened over the last 3 years while those over $1,000,000 have tremendously grown; between 2017 and 2018, the number of sold Bend homes on less than an acre over $1,000,000 have gone up 88.5%. While the overall number of Bend homes sold have not grown that much, the change between the lower and upper end in price is great and those Bend residents who have lived in the community more than just a few years can be amazed at the selling prices of Bend Homes.

 

Bend Single Family Home Inventory Levels Remain Low

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Bend Real Estate Prices Still Going Up

The June 2018 data is out and the upward trends for Bend OR real estate sales continue. When June 2018 is compared with June 2017, the following can be noted with Bend single family home sales on less than an acre:

• The number of homes for sale are up 1.5% to 607
• The number of homes sold is up 2.4% to 259
• The number of homes pended is up 10.8% to 256
• The months of inventory based on closed sales is down to 2.3
• The days on market is down 1.1% to 89
• The sold/original listing price difference is up 1% to 99%
• The average price per square foot sold is up 6.9% to $249
• The average active price is up .05% to $659,000
• The average sold price is up 8% to $522,000*

For this last figure, we commented last month how the average sold price for a Bend home was just shy of $500,000.  We have now topped that figure significantly at $522,000.Â...

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How High Can Bend Real Estate Prices Go?

The demand for Bend single family homes has not dropped off and the data from May, 2018 shows that home prices continue to rise. Homes priced well are often experiencing multiple offers which drive the price up. While new homes are being built, they are also being sold quickly and the average days on market has dropped.  The following shows the figures comparing Bend single family homes from May 2018 with May 2017:

• Average days on market down 3.9% to 98
• Number of homes for sale up 10.2% to 542
• Number of homes sold down 0.9% to 220
• Number of homes pended up 6.9% to 249
• Average price per square foot up 4.3% to $240
• Months of inventory based on closed sales up 13.5% to 2.5
• Average active price down 2.7% to $656,000
• Average sold price up 9.7% to $498,000*

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Bend Oregon Luxury Home Sales Growing

The trends are showing that the number of luxury homes in Bend are growing with strong figures in almost all categories. Since coming out of the recession, home prices in Bend have gained each year, but now more of the Bend real estate market is reflected in the million dollar or more price point than ever before.

The last 12 months reflect 35.8% more million dollar single family homes were sold in Bend than the year before, which was up 41.8% over sales in 2016. At the same time, new listings were up 25.7% in 2017 (171) and 54.4% in 2018 (264).*

 

In contrast to the added growth in sales in the million dollar plus Bend home, the months of inventory are dropping, reflecting that the homes which h...

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