Bend Oregon Home Sales Impacted by Winter
1st quarter 2017 Bend real estate data have been published and the results reflect our long winter. According to the Multiple Listing Service of Central Oregon, when 1st quarter 2017 is compared with 1st quarter 2016, the following statistics on Bend Oregon homes on less than 1 acre are noted:
- Homes listed for sale are down 10.7%
- Homes sold are down 10.3%
- Homes pended are down 6.8%
A large contributor to this decline in sales was the heavy snow we received. It is hard to show a home when you are walking through thigh high snow to get to the front door. And the damage done to homes through ice dams and roof leaks was a priority to home sellers over getting the home listed. However, since the snow has melted, we are seeing a great increase in Bend real estate activity over the past month. When February 2017 is compared with March 2017, the following statistics on Bend homes on less than 1 acre show:
- Numbers of homes for sale are up 8.4%
- Number of homes sold are up 28%
- Numbers of homes pended are up 49.1%
The demand is still there. Now that the snow is gone, the buyers are back looking. And lack of inventory continues to drive the prices up. Bend's average active home price is up 6.8% and sold prices are up 9.8% comparing 1st quarter 2017 with 2016. When March 2016 is compared with March 2017, the active price is up 11.8% with the average sold price up 9.2%. There are 1.4 months of inventory of Bend homes all price points with the average asking price of a Bend home now at $674,000. If these trends continue, we may see even middle class home buyers not being able to afford to purchase in Bend.
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