Bend Home Sales Remain Flat While Prices Rise
July 2017 single family home sales followed the trend set in April - consistent and steady. Although there was a significant increase in inventory, the actual closed sales were down 3.2% from the year before and the pended sales were unchanged from 2016.
The chart below shows that Bend single family home prices continue their upward trend with the average price per square foot now at $247. This is a figure never seen before in Bend and may be a contributor to the decrease in the number of new sales.
Home prices continue to rise following the trend over the last 5 years. When July 2017 is compared with July 2016, the following changes can be noted for Bend single family home sales:
Number of homes for sale are up 13.6%
Average sold price is up 7.7%
Average active price is up 3.9%
Average sold price per square foot is up 14.4%
Months of inventory is up 17.2%
Bend's average asking price for a single family home is now $658,000 and the average sold price is $478,000.*
The question has to be asked - have we reached a price for a Bend home that is beyond what the majority of people moving here are willing to pay? Does the flattening of sales reflect a new trend or just an anomaly resulting from our difficult winter, smoke filled skies, abnormally hot summer and upcoming eclipse hype? We will continue to follow the data and see how they impact Bend real estate.
*Data from Central Oregon MLS
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