Bend Luxury Home Sales Continue Trending Up
The high end market in Bend appears to be showing continued strength. Despite a smoke filled summer with many forest fires, the concerns which dampened tourism during the eclipse, and an unprecedented winter with more snow than ever recorded before, there is great enthusiasm for Bend million dollar homes.
The following statistics compare September 2017 Bend single family home sales over $1,000,000 on less than an acre with sales from September 2016:
- Homes for sale up 27.9%
- Homes sold up 75%
- Homes pended up 66.7%
- Average active price up 12.1%
- Average sold price down 10%
- Average price per square foot down 4.2%
- Months of inventory down 27.5%
More interesting data can be seen comparing 3rd quarter 2017 with 2016:
- Homes for sale up 27.9%
- Homes sold up 138.5%
- Homes pended up 64.3%
- Average active price up 12.7%
- Average sold price down 5.7%
- Average price per square foot up 7.2%
- Months of inventory down 48.4%*
What are Our Predictions for Bend Oregon Luxury Home Sales?
The trends show a growing demand for luxury homes in Bend. Although we are seeing a drop in the sold home prices, this can reflect the increase in new homes being built in the $1,000,000 to $1,200,000 price point. These homes are typically smaller than the "McMansions" built in Bend a decade ago and better suit the lifestyle of many of today's Central Oregon buyers. This idea is supported with the dramatic decrease in the months of inventory. It appears builders have found the niche for the luxury home buyer in Bend. As long as Bend Oregon builders continue to build what Bend home buyers want and at a price they can afford, we predict continued strong sales in the Bend luxury home market.
* Data from Central Oregon MLS
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