Are Bend Real Estate Trends Changing?
Coming out of the record breaking winter Bend had 2016/2017, real estate in Bend appears to be in flux. While prices continue to rise, with the average price per square foot for a Bend home now at $230 which is up 10% from 2016, the numbers of homes which have sold are down 13.8% from the same month in 2016 and the number of homes for sale are also down 2.8%. Inventory levels continue to be low with 2 months supply at all price points based on pended sales, but the average sold price for a Bend single family home is down 3% from the month before.
So what do these changes mean? Over the past few years we have actively compared Bend home prices with our feeder markets - the Bay Area, Seattle, Portland. And while home prices in these markets remain significantly higher than those sold in Bend, the Bend OR home prices have consistently risen roughly 10% per year since 2011. For example, in 2nd quarter 2012 when no $1,000,000 Bend home sold, 2nd quarter 2017 has already seen seventeen $1,000,000+ Bend home closings. But the average price for a single family home in Bend is not growing at 10% this year, with the average sold price up only 3.7% comparing May 2016 with May 2017.*
Although we don't have enough data to see if this slowing trend will continue, we will carefully monitor it through the year. A slower growth rate is, in our opinion, positive and more sustainable than the rapid real estate price increases Bend has seen over the past 5 years.
*Data from Central Oregon MLS
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