Bend Oregon Home Sales Mixed
The August 2017 Central Oregon real estate data has been published and the sales for Bend single family homes continue to reflect a similar pattern to what we have viewed this summer. Comparing 2017 month to month, sales are flat; comparing data from the same month 2016, figures are mixed.
The August 2017 sales for Bend single family homes on an acre or less show the following trends when compared with August 2016:
- 8.5% more homes are on the market
- 6.9% fewer homes sold
- 10.8% more homes entered into contract
- The average price per square foot is up 14.2%
- The average active price of a home is up 5.4%
- The average sold price is up 18.6%
- The months of inventory are up 17.2%*
Although the majority of the data reflect increasing values and activity, the fact that almost 7% fewer homes sold in August 2017 than in August 2016 is worth investigating. August closings typically relate directly to homes that entered into contract in June; we had over 10% fewer pended contracts in June 2017 than we did in June 2016. We have speculated that the price of a Bend single family home may have reached the point where fewer people can afford to buy and our winter weather may have also discouraged buyers. There is finally more inventory on the market, but the average asking price of a Bend single family home is still up 5.4% over a year before to $639,000 and the average sold price is up 18.6% to $490,000.
What Are Our Fall Predictions for Bend Real Estate Sales?
During September/October we normally see price reductions on property that did not sell during the summer and the seller motivation to negotiate increases. This summer has also provided for the worst air quality we have ever experienced in the 32 years we have lived in Central Oregon due to the massive number of forest fires throughout the state. We do not know yet how these fires will impact Bend home sales, but we do know that normal tourist activity has been drastically curtailed and the hotels and service sector of the Bend economy have been financially hurt. Our walk-in traffic is down and there are fewer people visiting the area. Outdoor recreational opportunities have been cancelled as have yearly festivals and events.
We will continue to monitor the data and report our findings in future blogs.
* Data from Central Oregon MLS.
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