Real Estate sales in Bend continue to be strong. In comparing the second quarter statistics with those from 2014, there are 13.7% fewer homes with 13.5% more sold creating more pressure on existing inventory for buyers. This has pushed prices up with the average price of a June 2015 sold Bend home at $394,000 compared with the average price in June 2014 at $332,000. The average price of a Bend home offered for sale has also increased over $50,000 per home.
So what does this mean for Bend Real Estate sales? Although residential new construction has increased in the city, the average price of new homes has also increased greatly influenced by the demand. And until the state of Oregon permits the city limits to be expanded, the pressure on the available land for development will remain high. Unless an unforeseen economic recession hits again, potential buyers for Bend homes should anticipate a continued increase in home prices.
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