Bend Real Estate Market Changing
February 2019 had the most dramatic change to the Bend Real Estate market that we have seen in many years. Sales dramatically declined while prices increased, although at a reduced rate than we have experienced over the past few years. It appears that the trends we started to see the second half of 2018 are continuing.
When February 2019 is compared with February 2018, the data for Bend single family residential sales on less than an acre are as follows:
- Numbers for sale down 6.6% to 398
- Numbers sold down 36% to 105
- Numbers pended down 17% to 151
- Average price per square foot up 2.9% to $248
- Average days on market unchanged
- Sold/Original listing price different down 1% to 96%
- Average active price up 6.2% to $681,000
- Average sold price up 3.1% to $498,000
- Months of Inventory based on closed sales up 46.2% to 3.8 months*
While the heavy snow we saw the end of February may contribute to the decrease in pended homes, the huge decline in homes sold is directly attributed to the slow market seen in January. And despite the slowing market, prices are still rising.
Bend OR Real Estate Inventory Levels Increasing
Probably the trend most pronounced was the amount of months of inventory on the market based on closed sales. The 3.8 months of inventory is the highest figure we have seen in this category since 2013. This can be an anomaly - perhaps tied into the concerns with the stock market the end of 2018 and the uptick in interest rates. However, it does appear that we are in a changing real estate market. If inventory levels grow, we can expect to see a decrease in home prices.
*Data from Central Oregon MLS.
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