January 25, 2016 · by Cheri Smith & Molly Brundage
Bend Real Estate Statistics
Welcome to our Bend Real Estate Market Update for the year 2015. 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, 2015. All statistics come directly from the Central Oregon MLS. The first portion of this report looks at the Bend real estate market in its entirety. Latter sections focus on more specific segments of the market.
Bend Market-wide Activity
At the end of 2015, there were 416 single-family homes for sale, 313 pending sales, and 2,453 homes had sold. The number of homes sold in 2015 is 9.36% higher than 2014 despite the fact that inventory is 13.69% lower. 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 most home sales occurred in the $250,000 – $299,999 price range with 542 closed transactions, followed by the $300,000 – $349,999 price range with 395 closed transactions. A very close third was the $200,000 – $249,999 price range with 384 sales. Nearly 54% of home sales in 2015 occurred in the $250,000 – $349,999 price range.
Bend Home Values
Compared to this time last year, market-wide, the average sales price increased 12.10% to $386,359 and the median sales price increased 12.95% to $327,455. What’s interesting to note is that the median sales price increased 9% in the first quarter of 2015 but only increased 4% during the remainder of the year. It’s too soon to tell whether this signifies a slow down in price appreciation or is simply reflective of the fact that most of the home sales occurred in the $250,000 – $349,999 price range.
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.
At the end of 2015 there were 171 new homes for sale, making up 41% of the active listings.
In the MLS, there is a lot of pre-marketing 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, 558 were new homes, accounting for 22.75% of all home sales in 2015. The average sales price for new construction was $375,464 and the median sales price was $318,950.
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.