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8
New Construction in Bend Real Estate - What are the Current Trends?
Anyone who lives in Bend cannot help but be aware that new construction is occurring all over the city. It is hard to find a Bend neighborhood that does not have a new home going up, if not there, then just a few blocks away.
With all the new homes being built, what are the Bend real estate trends that we see? According to TrendVision, data through July, 2016 reflect strong sales in Bend new construction. When comparisons are made to July, 2015, the sales of new homes in Bend are up 26% with the average price per square foot up 28.9% during the same time from $190 per square foot in July 2015 to $245 per square foot in July 2016. The days on market remain unchanged over the same period.
Reflecting a strong sellers' market, the price of new homes in Bend is rising at a greater rate than resale homes. The average price now in Bend for a new home is $487,000; the same time last year the price was $372,000, an increase of 30.9%. And the inventory remains very tight, with less than 3 months of new homes available which is down 25% from the same period in 2015.
Buyers and sellers often ask if we believe these trends will continue. We cannot guarantee anything, but until Bend is no longer perceived as a city with the amenities and lifestyle that many Americans enjoy and people stop moving here, it is probable that we will continue to have strong new home sales in Bend.