Bend Real Estate Statistics for Q1 2017
Welcome to our Bend Real Estate Market Update for the First Quarter of 2017. 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 March 31, 2017. 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 2017, there were 305 single-family homes for sale, 287 pending sales, and 440 homes had sold through the first quarter of 2017. The number of homes sold is down 8% from this time last year and inventory is down 21%. 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 harsh winter certainly took a toll on the real estate market. Only 25 homes went pending in January and 54 in February. The market picked up again in March in a big way and 208 homes went pending.
The most home sales occurred in the $300,000 – $349,999 price range with 83 closed transactions, followed by the $250,000 – $299,999 price range with 77 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 and there were only 2 homes for sale in the $200,000 – $249,999 price range.
Bend Home Values
Bend, Oregon home values continue to rise, although over the last couple of years the rate has slowed. Compared to this time last year, the average sales price increased 10% to $438,804 and the median sales price increased 13% to $376,495.
Home values within the Bend city limits varied significantly, particularly from the west side to the east side. The median sales prices for the four quadrants are $550,000 for NW, $466,229 for SW, $351,682 for SE Bend, and $323,495 for NE.
New Construction
At the end of Q1 2017 there were 121 new homes for sale, making up 39% of all active listings. Of the 440 homes that sold in Q1 2017, 144 were new homes, accounting for 32% of all home sales. There were 137 pending home sales in the new construction segment of the market, which is 47% of all pending sales. The average sales price for new construction was $431,317 and the median sales price was $380,120.
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.
