Bend Real Estate Sales Results Remain Mixed
Moving into fall, Bend real estate sales typically trend downward as the weather cools, school starts and tourism drops during the shoulder season between summer and winter. During this time, the frantic pace of summer sales becomes more contained as the buyers with school aged children are no longer looking in large numbers and the bulk of our buyers become retirees, investors or those looking for second homes.
When we compare the September data from 2016 with 2017 for Bend single family home sales on less than an acre, the following changes can be seen:
- Number of homes for sale up 9%
- Number of homes sold down 11.6%
- Number of homes pended up 23%
- Average price per square foot up 5.9%
- Average active price up 7.7%
- Average sold price up 7.6%
- Months of inventory based on closed sales up 24%*
This last statistic on the months of inventory is interesting. A balanced market has 6 months of inventory which is one of several reasons we have seen such a great increase in home values over the past 5 years. And while 3.1 months of supply is a large increase of 24% over the same month a year ago, it is still down significantly over the figures considered balanced.
Those who live in Bend have seen a tremendous increase in new homes being built over the past few years, but the rising prices have also made the town unaffordable for many. And the summer fires made it difficult to show homes. This last may be the reason that 11.6% fewer homes sold in September 2017 than in September 2016, but pending home sales are up 23% - perhaps a direct correlation with the end of the fires and the return to the stunning views we are used to.
Fall Predictions for 2017 Bend OR Real Estate Sales
Bend remains a destination for many Americans looking for a mid-sized town with outstanding outdoor recreational opportunities, stunning views, and what many consider a great place to raise a family. Economically, the town has mostly recovered from the great recession and the trends appear to reflect a growing real estate market, at least in the near term. The increase in inventory shows more options are available for buyers, but the increase in prices continue to make the town unaffordable for many.
*Data from Central Oregon MLS
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