Bend Real Estate Statistics
Welcome to our Bend Real Estate Market Update for the year 2018. These statistics
are for stick built homes on 1.0 acre or less in Bend zip codes 97701, 97702, and 97703 and do not include manufactured homes, condos, or townhomes. This report uses market data based on transactions that closed from January 1 through December 31, 2018. All statistics come directly from the Central Oregon MLS.
Bend Market-wide Activity
At the end of 2018, there were 369 single-family homes for sale, 182 pending sales, and 2,453 homes had sold. The number of homes sold in 2018 is 1% lower than 2017, while inventory remained much the same. We currently have about 2 months of inventory, which is very low and means we’re still experiencing a seller’s market. (Months of inventory is the time it would take to sell all current listings at the current sales pace if no new listings became available.) The market is considered balanced when we have a 6 month supply of inventory.
The most sales occurred in the $350,000 – $399,999 price range with 437 closed transactions, followed by the $300,000 – $349,999 price range with 435 closed transactions.
Bend Home Values
Compared to this time last year, market-wide, the average sales price increased 7.89% to $501,486 and the median sales price increased 7% to $427,000. There was talk of a slow-down and cooling market in Q3 of 2018 because the median home price in September, $425,000, was lower than the median home price in June, $449,000. One of the reasons we run statistics quarterly, rather than monthly, is that there’s so much fluctuation from month to month, both in sales volume and prices. In the month after the Bend Bulletin article reported a slowdown, a Source Weekly article reported that the market “heated up” again because both the median sales price and sales volume increased over September. While we do see signs that the rate of appreciation is slowing, home values are still increasing.
Home values within the Bend city limits varied significantly, particularly from the west side to the east side. The table below includes the average and median sales prices for NW, SW, NE, and SE Bend. When looking at overall affordability in Bend it’s helpful to know that the median home price in NW Bend is typically around 50% higher than Bend’s overall median home price while values in SW Bend are around 15% higher. Home values in NE Bend are about 15% lower while SE Bend values are about 10% lower.
At the end of 2018 there were 171 new homes for sale, making up 46% of the active listings. In the MLS, there is a lot of premarketing being done for new construction. Some of the new construction in the MLS is still under architectural review or is pending final permit approval from the city or will be built upon receipt of an acceptable offer, but the majority of the new construction has been completed and is move-in ready. Of the 2,453 homes that sold, 566 were new homes, accounting for 23% of all home sales in 2018. The average sales price for new construction was $503,483 and the median sales price was $429,900.
We hope you find this market update useful and informative, and we welcome any questions you may have. If you are interested in a market update for your neighborhood or any other segment of the market (e.g. bare land or acreage properties) please contact us for a custom report.