Recent trends in the Central Oregon Real Estate market are showing a very competitive seller’s market over the year prior. Not only are there less Bend single family homes available for sale, there are also more in contract and sold. With a 16.8% decrease in homes available over a year ago, the market seems to be very competitive for pricing with high demand and low supply. Sold and pending homes have also gone up about 6% in price showing buyers are still wanting these homes despite the fact that sellers can charge a higher dollar for them.
Another trend worth investigating is the average price per square foot of homes sold compared with 3rd quarter last year. Here too we are seeing an increase in the Bend Real Estate market. In fact, average price per square foot has risen from $179.4 per sq ft to $196 per sqft. This 9.3% jump appears to be following a similar trend as the economy steadily continues to recover from the 2008 crash. Furthermore, sellers are nearly getting the price per square foot they are asking for. There is a 98% sales price to list price currently which is up 1% over last year. Furthermore, the average days on market has decreased from 105 to 102. The higher priced Bend home inventory is moving faster than a year ago as well.
To continue, prices of active listings and solds have both increased. More and more homes are being listed about 12.3% above prices of last year, but they are only selling at 6.9% above sold prices of last year. Thus, sellers appear to be attempting to dictate the direction of the market in a continuous upward trend.
Finally, the amount of months of inventory has steadily dropped as consumers are purchasing homes nearly as fast as they hit the market! Inventory is down 22.5% over 3rd quarter last year; we are looking at only about 2.8 months of inventory. Thus, with all of this information in hand, the Bend Real Estate market still seems to be a seller’s market despite the seasonal slowdown. Homes are commanding a higher price per square foot and buyers are wanting those homes despite the price. If you are a seller waiting to list, now is a great time to connect with your favorite Bend Premier Real Estate agent.
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