For those of us who have lived in Bend over 5 years, we have seen many changes impacting our town. Visually, there are new parks and schools, a 4 year college under construction, new homes being built, and many new cars on the road. But what has truly happened to Bend single family home values over the last 5 years? TrendVision data from Central Oregon MLS provides the following information:
- The average active listing price has gone from $425,000 to $623,000 - up 46.6%
- The average sold price has gone from $237,000 to $439,00 - up 85.2%
- The months of inventory based on closed sales has gone from 5.6 to 2.4 - down 57.6%
- The price per square foot of sold homes has gone from $123 to $216 - up 75.6%
When July 2011 is compared with July 2016:
- The number of homes available for sale has gone from 706 to 639 - down 9.5%
- The number of homes sold has gone from 127 to 266 - up 109.4%
- The number of homes in contract has gone from 150 to 285 - up 90%
We are currently in a real estate boom. But real estate, like the stock market, cycles. We can anticipate that sometime in the future there will be a softening in the Bend real estate market. But right now, the trend continues upward.
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