Bend Home Sales Showing a Decline in Early 2019
Those of us involved with day to day real estate sales have "felt" a change in the market for several months. Bend home prices which have been rising for the last several years have continued to grow, but sales have been flattening. Buyers which were so ready to purchase have developed a "wait and see" attitude and the homes which were so quick to sell not long ago are taking much longer.
If the sales data for Bend Oregon single family residential homes from January 2019 is compared with January 2018, the following changes can be noted:
- Homes for sale down 4% to 382
- Homes sold down 12.6% to 125
- Homes pended down 27.6% to 144
- The average price per square foot is up 7.5% to $245
- The average days of market is up 5.8% to 127
- The sold/original listing price percentage is down 1% to 95%
- The months of inventory based on closed sales is up 10.8% to 3.1 months
- The average active listing price is up 9.9% to $711,000
- The average sold price is up 5.1% to $494,000**
While there are still buyers in the market, the added inventory is providing for more options. And while prices continue to rise, the fact that pending homes are down 27.6% may be an indicator that Bend has priced many out of the market.
Predictions for Bend OR real estate sales in 2019
We believe that the trends will continue to reflect a changing market in 2019. If sales continue to show a decline, prices will have to as well. We will keep everyone updated monthly.
**Data from Central Oregon MLS
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