Bend Real Estate Market Shows No Sign of Slowing
The 2017 year end data is out and the Bend real estate market continued its upward trends. Outside of the slowdown experienced during the winter of 2016/2017 where Bend residents were more concerned with ice dams and heavy snowfall than selling or buying property, the data from 2017 mirrors what we have been experiencing since leaving the recession of 2008-2011. Bend home prices keep rising and people keep buying.
The following data compares Bend single family home sales from 2016 to 2017
- Number of homes for sale up 11.6%
- Average price per square foot up 9.5%
- Average active price up 7%
- Average sold price up 10.2%
- Months of inventory based on sold sales remains less that 2.5 months
When the same categories are used comparing 2015 with 2017, the trends are even greater in some categories:
- Average price per square foot up 18.7%
- Average active price up 15.3%
- Average sold price up 19.4%*
Shortage of Bend Single Family Homes Still an Issue
For years Bend has had less than 3 months supply in all price points for single family homes. Although more apartments, condos and townhomes are being built than Bend has experienced in the past, the demand for single family homes has not diminished and contractors cannot build these fast enough to keep pace with Bend's growing population. Unless the United States economy suffers a major pull back, or if interest rates go up dramatically, we cannot predict a great change in Bend's real estate trends for 2018.
*Data from Central Oregon MLS.
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