Bend Oregon 2016 Lot Sales Data Show Varied Message
Custom lot sales remain steady in Bend. When lots sold in Bend during 2016 are compared with 2015, the average active asking price is up 5% to $252,000 on all lots an acre or less and the average sold price is up 11.7% to $219,000. The lack of inventory does not appear to be an issue, as there were 6.8% more lots made available for sale in 2016 than in 2015, but 9.7% fewer sold and 14% fewer were pending at the end of 2016 than at the end of 2015. *
Bend Lots Inventory
There does not appear to be a lack of available custom lots in Bend right now. Multiple Listing Service data for 2016 show there were 15.2 months of inventory based on closed sales, which is an increase of 18.7% over 2015.* What appears to be an issue, however, is affordability. Most developed lots in Bend are owned by a handful of builders. Those developed custom lots that are available for purchase for individuals now average $252,000 for properties under an acre in size. At this price, the homes to be built on these lots will probably exceed $1,000,000 at completion in order to justify the price of the lot.
2017 Bend Lot Sales Predictions
The expansion of Bend's Urban Growth Boundary, which was approved the end of 2016, should help some with Bend's lack of available land. If this land is developed to allow for individuals to purchase custom lots, this may relieve some of the affordability issues with the lots that are currently available. However, if developers purchase the land to build subdivisions owned by a few builders, the opportunity for people to buy a lot and build their Bend custom home may remain the option of just the wealthy.
*Data from Central Oregon MLS published January 2017
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