Bend Luxury Home Sales Rise in 2018
The Bend high end real estate market grew considerably in 2018. Million dollar homes, including those built for speculation, have sold at larger numbers than those in 2017 with the greatest percentage increase in the $1,300,000 to $1,699,999 range (up 42.9%). **
For available inventory, the numbers of homes in the $2,300,000 and up range grew by the largest percentage with 50% more properties available in 2018 than in 2017. The months of supply fell in all categories except the highest where the inventory levels are now at 17.2 months (up from 10.9 months in 2017).
Pending sales were also up with the greatest percentage increase in the $1,300,000 to $1,699,999 category with an increase of 63.9% There were 59 homes which went pending during 2018 which are listed in this group. There were 93 pending in the $1,000,000 to $1,299,999 and 23 in the $1,700,000 to $2,299,999. The smallest number of pending homes were in the most expensive price point with 11 pending during 2018 which are listed over $2,300,000.
What Will 2019 Bring to Bend OR Luxury Home Sales?
Although we cannot know definitively what 2019 will bring to the Bend high end market, we can see that the trends appear to be changing. 4th quarter 2018 saw home sales across the country dropping with fewer pending sales noted. The Bend feeder markets of the California Bay Area and the Seattle Metro have flattened with home sales taking longer and home price reductions occurring. In Bend, inventory levels are gradually growing and price reductions are common. This is a normal market trend in winter, but with the current volatility of the stock market and uncertainty with the federal government shut down, it remains to be seen how the luxury home sale trends will evolve in 2019.
**Data from Central Oregon MLS.
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