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22
Bend Oregon New Construction | What Are The 2016-2017 Trends?
Bend OR Builders Cannot Keep Up With the Demand
Everyone living in Bend should be aware that a lot of new residential homes are being built. Just drive through town and new subdivisions and new in-fill on what used to be open space are popping up throughout the city. Builders are finding it difficult to keep up with the demand and people working in the building trades are stretched thin with far more work than they can handle. This demand is leading subcontractors to charge more to keep their employees well paid and to make a good profit, suppliers charging more for their building materials, and home prices for new construction rising as a result.
When comparisons are made between new residential construction over $1,000,000 from 2016 to 2017, the following statistics can be noted:
- Homes for sale up 6.3%
- Homes sold up 66.7%
- Homes pending up 23.5%
- Days on market down 4%
- Sold/Original listing price unchanged at 100%
- Average active price up 1% to $1,418,000
- Average sold price is down 10.2% to $1,404,000
- Months of inventory based on closed sales down 1.7% to 11.7
- Average price per square foot based on sold homes is down 1.9% to $404.10
For new residential construction under $1,000,000 from 2016 to 2017, the following statistics can be noted:
- Homes for sale down 2.4%
- Homes sold down 1.3%
- Homes pending down 6.3%
- Days on market down 4.5%
- Sold/Original listing price unchanged at 100%
- Average active price is up 1.8% to $509,000
- Average sold price is up 8.3% to $446,000
- Months of inventory based on closed sales unchanged at 3.1
- Average price per square foot based on sold homes is up 6.7% to $227.30*
No End in Sight for Bend Oregon New Construction Demand
As Bend remains a destination city for many within the United States (The Milken Institute ranked Bend for a second year as number one among the best-performing small cities for prosperity and innovation), we can anticipate that it will continue to grow and new housing will be in demand. For new homes priced under $1,000,000, builders cannot build fast enough and new sales are directly impacted by the lack of subcontractors to complete construction. For homes over $1,000,000, there are still a number of choices to be made, but even there prices are rising and inventory levels are trending down.
*Data from Central Oregon Association of Realtors