Bend Real Estate Trends Mixed
The Bend real estate trends from June reflect a changing market. Although the inventory levels are finally ticking in the right direction, the 2.4 months of Bend single family home inventory now available are still significantly below a balanced market where 6 months of inventory is considered healthy. Bend residents can see the evidence of new home construction throughout the town and when June, 2016 is compared with June, 2017, the 2.4 months is up 14.2%. Positive movement, but still not where we need to be.
However, the trends are mixed when you compare actual sales. Comparing June 2016 with June 2017 Bend home sales provide the following data:*
- Number of Sold Homes down 1.6%
- Number of Pended Homes down 3.1%
- Days on Market down 16%
- Average Active Price up 3.8%
- Average Sold Price up 12.8%
- Average Sold Price per sq ft up 11%
So, although prices continue to rise and days on market are down, the total number of homes that have sold and that are in contract pending closing are down. The influx of new inventory for June may impact July sales as lack of inventory has been an issue with Bend housing for the last 5 years.
What are the Real Estate Trends Telling Us?
Fewer homes are selling, but demand is still high and prices continue to go up. At $233 a square foot average price, Bend single family home prices are higher than ever. Are we at a point where people cannot afford Bend? It remains to be seen how the added inventory in June impacts the trends for July.
*Data from Central Oregon Multiple Listing Service
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