Bend Real Estate Sales Show Growth
2016 was a year of continued real estate growth in Bend. When 2015 data is compared with 2016, the average sales price of a Bend single family home was up 12.5% with the average sold price up 9.3%. There were 3.4% more homes sold in 2016 than in 2015 with 6.9% fewer properties available for sale. This has aggravated our lack of inventory and continues to push prices up. The average single family Bend home sold for $386,000 in 2015 and in 2016 it sold for $422,000.*
Lack of Bend Housing Inventory Remains an Issue
In late 2015, the expansion of Bend's urban growth boundary was finally approved. This need for additional development land has existed for over 10 years and finally the city was granted permission to increase Bend's size - but not by the 10,000 acres requested in 2006, but rather by less than 3000 acres. Although helpful, this expansion will not fully relieve the need the city has for land, assuming Bend's population growth continues as it has over the past years; there remains less than 3 months of single family home supply within the city.*
2017 Bend Housing Predictions
Assuming there are no major global, national, or local issues which could lead to a new recession, we predict that Bend will continue to show an increase in housing prices. This rise may not be as great as over the last few years, but until there is more supply than demand, and while Bend remains the destination of many Americans wishing to relocate, we predict prices will continue their upward trajectory.
*Data from Central Oregon MLS published January 2017
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