Bend Premier Real Estate Blog

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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Bend Real Estate Prices Continue Upward Trajectory

Bend residents who have lived in Central Oregon over the past decade have seen extreme changes in the real estate market. Bend single family home prices escalated during the boom years of 2005-2007 and crashed during the great recession of 2008-2011; the low point for Bend Or real estate was in the winter of 2011. Since this time, Bend housing prices have steadily climbed with roughly 10% gain each year as the market recovered. Today, the prices for Bend homes for sale are back to pre-recession levels with the average asking price for a Bend single family home at $682,000 and the average sold price at $467,000; these figures are 30.9% and 17.6% over the same quarter 2006.*

As prices cont...

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Bend Premier Real Estate at COBA Home Show

If you are planning on attending the Central Oregon Builders Association Spring Home and Garden Show this weekend at the Deschutes County Fairgrounds, stop by and visit us! Our friendly Brokers will be happy to answer questions on any of your Central Oregon real estate needs. Ask about our free search app and take home a stress ball or coffee mug. You will find us in the Bank of the Cascades Center to the right of the entrance next to the Bendistillery booth.

Is it Now Time to List Your Bend Oregon Home?

After the long, hard winter we experienced in Bend, Oregon this past year, some small signs of spring are at last emerging. We saw these crocuses today breaking through the soil and brightening our dormant yard with their beautiful color. These signs of spring, along with our longer days, make us realize that winter may finally be over; for sellers who were waiting for better weather prior to listing their homes  - now is the time!

According to data from Central Oregon MLS, there are less than 2 months supply of single family residential homes in Bend based on pended properties; this includes all homes at all price points. If the $1,000,000 plus properties are taken out of the data, there are under 1.8 months supply. We have buyers looking for homes, and very little for them to purchase. Don't wait for summer to list. Call your favorite

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