Bend Real Estate Sales Are Strong

Spring has arrived in Central Oregon and homes are selling! After a series of months in which Bend home sales had dropped while prices continued to rise, May 2019 has provided a 180 degree turn around. The number of Bend homes for sale jumped 34.8% and the number of homes sold rose 29.9% from April, 2019. After an unusual winter with late heavy snow, overcast skies and heavy rain in April, sellers decided at last that May, with the sun out and longer days, was a great time to list.  When May 2019 is compared with May 2018 for Bend single family homes on less than an acre, the following changes can be noted:

• Homes for sale are down 1.3% to 535
• Homes sold are up 2.2% to 230
• Homes pended are up 11.6% to

How High Can Bend Real Estate Prices Go?

The April 2019 sales figures for Bend single family homes on less than an acre are out and the results are dramatic. While new home sales surged in April, following a seasonal trend with 252 pending sales, the numbers of homes available and those closed in April are definitely down. And while prices continue to climb, the average days on market are also up. The following compared April 2018 with April 2019 for Bend single family homes on less than an acre:

• Homes for sale down 13.5% to 397
• Homes sold down 10.2% to 177
• Homes pended down .4% to 252
• Average active price up 6.8% to $694,000
• Average sold price up 12.4% to $552,000
• Average price per sq ft up 8.9% to $258
• Average days on

Bend Oregon Real Estate - What's Up with Bend Luxury Homes?

Bend's high end home market is growing.  There is demand for homes in the million dollar plus category that was unheard of just a few years ago.  The number of Bend luxury home sales is up while inventory levels are down, and with prices continuing to increase, this trend does not appear to be stopping anytime soon.  The following information includes data from the last 3 years with each bar reflecting 12 months.

As you can see, the number of homes sold over a million dollars has trended upwards over the past 3 years. Even those homes priced over $2,000,000 have increasing sales.  And while sales are increasing, inventory levels are dropping.

How Do Luxury Home Sales Impact

Bend Real Estate Sales Down

March 2019 Bend real estate sales followed the trends noted earlier in the year. Although there was a seasonal uptick in March 2019 of  Bend single family residential home real estate activity, new home listings, those in pending status and those sold were significantly down.

• Numbers of homes for sale down 15.1% to 377*
• Numbers of homes sold down 27% to 149
• Numbers of homes pended down 8.6% to 201

Bend Home Prices Up

While actual sales are down, the average price of a Bend single family home continues to rise. Comparing March 2018 with March 2019:

• Average price per square foot on sold homes up 6.3% to $252
• Average active price up 4.9% to $682,000
• Average sold price up 8.9% to $536,000

Permits Down for New Bend Homes

After many years of growth in new home construction in Bend, the number of permits pulled so far this year for single family homes are significantly down compared with previous years. From a high of 117 in March 2017, February 2019 had the lowest number of new home permits pulled in 4 years with less than 40.* February is typically a busy month for builders obtaining permits to build homes for summer sales.  This decline is significant as it is not following the normal trends.

Why Are Bend Builders Not Pulling Permits?

When a good analysis of Bend home trends is looked at, it becomes obvious that Bend new home construction has slowed. Many builders are sitting on inventory and while prices have

Bend Real Estate Market Changing

February 2019 had the most dramatic change to the Bend Real Estate market that we have seen in many years. Sales dramatically declined while prices increased, although at a reduced rate than we have experienced over the past few years.  It appears that the trends we started to see the second half of 2018 are continuing.

When February 2019 is compared with February 2018, the data for Bend single family residential sales on less than an acre are as follows:

• Numbers for sale down 6.6% to 398
• Numbers sold down 36% to 105
• Numbers pended down 17% to 151
• Average price per square foot up 2.9% to $248
• Average days on market unchanged
• Sold/Original listing price different down 1% to 96%
• Average active

Bend Home Sales Showing a Decline in Early 2019

Those of us involved with day to day real estate sales have "felt" a change in the market for several months. Bend home prices which have been rising for the last several years have continued to grow, but sales have been flattening. Buyers which were so ready to purchase have developed a "wait and see" attitude and the homes which were so quick to sell not long ago are taking much longer.

If the sales data for Bend Oregon single family residential homes from January 2019 is compared with January 2018, the following changes can be noted:

• Homes for sale down 4% to 382
• Homes sold down 12.6% to 125
• Homes pended down 27.6% to 144
• The average price per square foot is up 7.5% to $245
• The

Is the Bend Real Estate Market Overpriced?

The figures are out and the trends we have been following over the past year were again seen in the December 2018 Bend residential real estate sales figures. December 2018 saw a dramatic reduction in Bend home sales on less than an acre compared with December 2017:

• Numbers of homes for sale down 10.4% to 396
• Numbers of homes sold down 15.9% to 159
• Numbers of homes pended down 14.4% to 131
• Average price per square foot on sold homes up 3.8% to $244
• Sold price to original listing price difference down 2.1% to 95%
• Average days of market up 2.8% to 111
• Months of inventory up 8.6% to 2.5 (based on closed sales)
• Average active price up 5.6% to $701,000
• Average sold price up 14.3% to

Bend Luxury Home Sales Rise in 2018

The Bend high end real estate market grew considerably in 2018.  Million dollar homes, including those built for speculation, have sold at larger numbers than those in 2017 with the greatest percentage increase in the $1,300,000 to $1,699,999 range (up 42.9%). **

For available inventory, the numbers of homes in the $2,300,000 and up range grew by the largest percentage with 50% more properties available in 2018 than in 2017. The months of supply fell in all categories except the highest where the inventory levels are now at 17.2 months (up from 10.9 months in 2017).

Pending sales were also up with the greatest percentage increase in the $1,300,000 to $1,699,999 category with an increase of 63.9%  There were 59

Bend Commercial Real Estate Impacted by Lack of Inventory

Historically, our local commercial real estate market trends above the national averages. Our Central Oregon area commands very aggressive CAP rates due to supply and demand; when you put a magnifying glass to our market, we have very little Industrial property For Sale/For Lease and it would appear that the Urban Growth Boundary expansion recently passed will not solve this immediate problem. Our local market in most cases this year has positive absorption rates for office and retail as well. 

What’s Up on the National Front?

Our local commercial real estate market trends about a year behind what we experience in the residential market. This is consistently true and while residential