Bend Premier Real Estate Blog

Bend Real Estate Trends Mixed

The Bend real estate trends from June reflect a changing market.  Although the inventory levels are finally ticking in the right direction, the 2.4 months of Bend single family home inventory now available are still significantly below a balanced market where 6 months of inventory is considered healthy. Bend residents can see the evidence of new home construction throughout the town and when June, 2016 is compared with June, 2017, the 2.4 months is up 14.2%.  Positive movement, but still not where we need to be.

However, the trends are mixed when you compare actual sales. Comparing June 2016 with June 2017 Bend home sales provide the following data:*

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Inventory Levels of Bend Homes for Sale Remain Very Low

Ever since coming out of the recession, we have written about Bend's lack of housing. Before the recession, Bend was known as the sixth fastest growing city in the United States with a population over 50,000. During the housing boom of the mid 2000s, speculative building occurred all over the city, but we rarely discussed lack of inventory. People who wanted a home could purchase one, although many bought through easy credit which ended up facilitating the housing meltdown of the late 2000s. Once the crash happened, home values fell nearly to half of what they had been.

Bend is back. Home values have escalated to pre-recession prices and are now creeping higher. Bend is once again the 6th fastest growing city in the United States and its population now exceeds 90,000. However, building has not kept up with the demand. As the chart below shows, invento...

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The next time you are at the Redmond Airport, check out the new kiosk in the baggage claim. Bend Premier Real Estate has a prominent presence on this kiosk. We plan to feature our Luxury Collection of beautiful homes in this location, rotating through these listings on a regular basis and exposing these stunning properties to all the visitors coming to and from Central Oregon. Let us know what you think about our display!

Are Bend Real Estate Trends Changing?

Coming out of the record breaking winter Bend had 2016/2017, real estate in Bend appears to be in flux. While prices continue to rise, with the average price per square foot for a Bend home now at $230 which is up 10% from 2016, the numbers of homes which have sold are down 13.8% from the same month in 2016 and the number of homes for sale are also down 2.8%. Inventory levels continue to be low with 2 months supply at all price points based on pended sales, but the average sold price for a Bend single family home is down 3% from the month before.

So what do these changes mean? Over the past few years we have actively compared Bend home prices with our feeder markets - the Bay Area, Seattle, Portland. And while home prices in these markets remain significantly higher than those sold in Bend, the Bend OR home prices have consistently risen roughly 10% per year since 2011....

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Although we often focus on Bend for real estate trends, Redmond has also seen tremendous growth over the past 5 years. And while still more affordable than Bend, Redmond's housing prices are also a reflection of the available inventory.

In 2015, Redmond had 4 months of supply of single family homes, all price points, and on less than an acre of land. In 2016, this figure had lowered to 2.9 months and in 2017, we are at 2.3 months of supply.  A healthy and balanced market is considered 6 months of supply.

Directly impacted by the months of inventory is the average sales price. Since 2015, the price of a single family home in Redmond on less than an acre of land has gone from $223,152 to $285,830 - more than 10% increase each year.

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