Posts in category 'Bend Oregon Real Estate Trends'

Bend Home Sales Remain Flat While Prices Rise

 July 2017 single family home sales followed the trend set in April - consistent and steady. Although there was a significant increase in inventory, the actual closed sales were down 3.2% from the year before and the pended sales were unchanged from 2016.

The chart below shows that Bend single family home prices continue their upward trend with the average price per square foot now at $247. This is a figure never seen before in Bend and may be a contributor to the decrease in the number of new sales.

Home prices continue to rise following the trend over...

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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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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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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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