Bend Oregon Home Sales Show Mixed Trends
We have noted for the last few months that residential home sales trends in Bend have been changing. The figures for October, 2018 reflect this change in a manner that we have not seen for some time. While prices continue to rise, sales have dropped off significantly. The following data compares Bend single family home sales in October 2018 with those from October 2017:
- Homes for sale down 12.9% to 505
- Homes sold down 5.2% to 221
- Homes pended down 16.1% to 188
- Average price per square foot up 7.7% to $252
- Average days on market down 1% to 104
- Sold/Original listing price differential down 2.1% to 95%
- Average active price up .9% to $641,000
- Average sold price up 9.3% to $516,000
- Median sold price up 6.5% to $433,000
- Months of inventory based on closed sales down 8% to 2.3*
Bend Real Estate Market Predictions
While Bend remains a city that Americans across the country are drawn to, the increase in asking price, the increase in interest rates, and the lack of inventory are issues which are impacting our local market. We predict that the market will be in transition for the next few months. We believe that price reductions will become more the norm, especially with those sellers who really need to sell. If interest rates continue to rise, this will further impact the average home buyer and lessen their opportunities, especially in a community where home prices have risen as dramatically as they have in Bend. Our nearby communities, especially Redmond, should see continued growth while Bend adjusts to a changing real estate market.
*Data from Central Oregon MLS
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