Bend Oregon Home Sales Stay Strong
Over the last few years, we have reported that single-family residential home sales in Bend have stayed strong and prices keep rising. February 2018 has been no exception to this trend. Home prices continue to rise and lack of inventory remains a serious issue. In addition, the relative lack of snow in 2018 has kept sales and new listings growing when compared with the record breaking snowfall experienced in 2017. The following data is for single family homes in Bend on land under an acre reflecting February 2017 and February 2018:
- Homes for sale up 24.4% to 540
- Homes sold up 31.4% to 201
- Homes pended up 18.1% to 228
- Average price per square foot up 7.2% to $237,000
- Average days on market down 8.5% to 118
- Average active price up 4.2% to $577,000
- Average sold price up 8% $460,000
- Number of months of inventory based on sold price down 3.5% to 2.7 months from 2.8 months*
Is there a Break Point coming for Bend Real Estate Sales?
It does appear that the asking price for new Bend homes hitting the market is leveling out with the average asking price for a Bend single family home on less than an acre running between $554,000 and $619,000 over the last year; yet since August 2017, this figure has remained consistently between $574,000 and $589,000. The average sold price, however, has risen. Allowing for seasonal adjustments, Bend home prices are up 8% over February last year. This follows the last 6 years of trends with home prices rising roughly 8 to 13% per year. We will keep following the statistics and see if 2018 breaks the trend.
*data from Central Oregon MLS
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