Bend Or Single Family Home Sales Are Slowing
We wrote a blog a few weeks ago in which we noted that it appeared that Bend Oregon single family home sales were slowing when compared with the year before. This blog, "Is the Central Oregon Real Estate Market Slowing Down?" looked at inventory levels and showed that there was an uptick in the number of single family homes in Bend, Redmond and Sunriver for sale from the same 12 month period the year before.
The September statistics have now been published for Bend home sales and it appears that the slowing trend is continuing. When September 2018 Bend single family home sales on less than an acre are compared with September 2017, the following change can be seen:
- Homes for sale down 5.8% to 596
- Homes sold down 6.2% to 195
- Homes pended down 5.6% to 202
- The average price per square foot up 1.3% to 236
- Average days on market up 1% to 99
- Average active price down 1.7% to 636
- Average sold price down 1.5% to 474
- Months of inventory based on closed sales up 3.3% to 3 months**
What Can We Predict for Bend Real Estate?
Although the timeline is relatively short, the trends are showing a downward tilt for Bend home sales. Rising mortgage interest rates, lack of inventory, and rising home prices have had an impact on home sales in Bend. Have we reached the tipping point in which our seller's market will become more balanced? We need a few more months of following the data to see if this change in the Bend Oregon single family home sales is an anomaly or the start of a new Bend real estate market trend.
**Data from Central Oregon MLS
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