April 22, 2016 · by Cheri Smith & Molly Brundage
Bend Real Estate Market Update Q1 2016
Welcome to our Bend Real Estate Market Update for the First Quarter of 2016. These statistics are for stick built homes on 1.0 acre or less in Bend zip codes 97701 and 97702 and do not include manufactured homes, condos, or townhomes. This report uses market data based on transactions that closed from January 1 through March 31, 2016. 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 March 2016, there were 380 single-family homes for sale, 415 pending sales, and 478 homes sold in the first quarter of 2016. The number of homes sold is up 18.32% from this time last year while inventory is down 15.74%. 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 117 closed transactions, followed by the $300,000 – $349,999 price range with 84 closed transactions. It is worth mentioning that at the time these statistics were compiled, there was not a single home listed for sale in Bend, OR under $200,000. There were only 9 homes for sale in the $200,000 – $249,999 price range.
Bend Home Values
Bend, Oregon home values continue to rise, although a bit more slowly than we’ve seen over the last few years. Compared to this time last year, the average sales price increased 4.33% to $397,497 and the median sales price increased 5.54% to $333,045.
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 Q1 2016 there were 97 new homes for sale, making up 26% of all active listings. Of the 478 homes that sold in Q1 2016, 109 were new homes, accounting for 23% of all home sales in the first quarter of 2016. There were 136 pending home sales in the new construction segment which is 33% of all pending sales. The average sales price for new construction was $369,031 and the median sales price was $319,947.
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.