Bend Luxury Home Sales Trending Up
During the recession of 2008 - 2011, Bend Oregon luxury home sales were few and far between. Desperate people sold stunning, luxury properties through short sales or banks foreclosed on them. New construction was extremely limited and only financed through private lending and the product built was not considered high end. Many luxury homes that did sell sold at a fraction of their true replacement cost and the Bend real estate luxury home market was very weak.
The Bend real estate market has recovered and luxury home sales in Bend are up. There is great confidence with new home builders building million dollar plus spec homes which buyers are purchasing at full listing price. While the overall Bend single family home sales reflect a less than 3 month supply, the $1,000,000 plus market shows a nine month supply, which is considerably lower than the 8 year supply Bend experienced in 2010. Bend luxury homes are selling!
What are Our Predictions for the Bend Oregon Luxury Real Estate Market?
Million dollar plus Bend homes reflect the following data comparing July 2016 with July 2017:
- Number of homes for sale up 9.9%
- Number of homes sold up 50%
- Number of homes pended up 14.3%
- Average sold price per square foot up 19.3%
- Average active home price up 12.6%
- Months of inventory based on closed sales down 26.2% *
While no one can predict the future, the trends reflect a growing luxury home market for Bend. As long as people still find the city and its lifestyle one they wish to embrace, we believe the high end Bend real estate market will continue to do well.
* Data from Central Oregon Multiple Listing Service.
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