Bend Real Estate Trends Mixed in November
The data has been published and Bend single family home trends show mixed results for November. When Bend home sales from November, 2018 are compared with the sales from November, 2017, the following changes can be seen:
- Homes for sale down 7.3% to 456
- Homes sold down 16.7% to 170
- Homes pended up 4.1% to 153
- Average price per sq ft up 6.6% to $243
- Average days on market up 9.6% to 114
- Average active price up .9% to $663,000
- Average sold price up 11.7% to $516,000
- Median sold price up 11% to $433,000
- Months of inventory up 12.4% to 2.7*
Why are Bend Home Sales Slowing?
Closings were down significantly in November which can be contributed to the softening Bend home sales seen earlier in the year; days on market and months of inventory are both up. While sales are slowing, prices continue to rise - which also contributes to slowing home sales. Have we reached a place in which the asking price for a Bend home is so high that the buyer believes the price is not justified or cannot afford it? Bend has suffered from a lack of affordable housing for many years, but are we at a point where the asking price is too much for the middle and higher income earner in addition to the lower earner? Mortgage interest rates have been creeping up during 2018 as well which contribute to making homes less affordable for the lower income earner. In addition, the average price of new single family homes being built in Bend is over $580,000, a figure out of reach for many Central Oregon residents.
*Data from Central Oregon MLS
1 Response to "Bend Oregon Real Estate | November 2018 Trends"
Leave a Comment
The content relating to real estate for sale on this website comes in part from the MLS of Central Oregon. Real Estate listings held by Brokerages other than Bend Premier Real Estate are marked with the Reciprocity/IDX logo, and detailed information about these properties includes the name of the listing Brokerage. © MLS of Central Oregon (MLSCO).
This content last updated on June 15th, 2019 at 8:14pm PDT. Some properties which appear for sale on this website may subsequently have sold or may no longer be available.
All information provided is deemed reliable but is not guaranteed and should be independently verified.
All content displayed on this website is restricted to personal, non-commercial use, and only for ascertaining information regarding real property for sale. The consumer will not copy, retransmit nor redistribute any of the content from this website. The consumer is reminded that all listing content provided by automatic transmission by MLSCO is © MLS of Central Oregon (MLSCO).