The Bend real estate market continues its upward trend. Per data provided from the Central Oregon Multiple Listing Service, the average price for a single family Bend home on less than an acre is now almost $405,000. Twelve months ago this price was $371,000. July pending home sales (those in contract to purchase but not yet closed) also are up over 10% compared with July 2015. And the number of homes that have closed escrow remain extremely strong.
What is driving home prices in Bend? As we have documented before, a serious lack of inventory continues to be the driving force behind our home value increase. There is less than 2.5 months of supply of single family homes in Bend. This encompasses all prices from starter homes to luxury real estate. A healthy market would have 6 months of supply. Builders cannot keep up with the demand, especially in the lower end. And until the Urban Growth Boundary is expanded, the limited amount of available land to build should continue to be a major contributor to the increasing Bend home price.
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