July 9, 2015 · by Cheri Smith & Molly Brundage
Bend Real Estate Statistics
Welcome to our Bend Real Estate Market Update for the Second Quarter of 2015. 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 June 30, 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 June 2015, there were 537 single-family homes for sale, 391 pending sales, and 1138 homes sold through the end of the second quarter of 2015. Pending home sales reached their highest levels in 9 years. The number of homes sold is up 12.34% from this time last year. Inventory is down 16.49% from this time last year and we currently have just over 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 266 closed transactions, followed by the $200,000 – $249,999 price range with 188 closed transactions.
Bend Home Values
Bend, Oregon home values continue to rise. Compared to this time last year, the average sales price increased 15.6% to $382,417 and the median sales price increased 14.64% to $321,000.
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. Most home sales this year have occurred in NE Bend where the median sales price is the lowest. Home values on the west side of Bend are highest. The median sales price is $487,000 in NW Bend and $365,500 in SW Bend.
At the end of Q2 2015 there were 137 new homes for sale, making up 25% of all 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 1138 homes that sold through Q2 2015, 263 were new homes, accounting for 23% of all home sales. Nationwide, new home sales are at a 6-year high and Bend is no exception.
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. To view a PDF of this report on ISSUU, click this link: BrundageSmith Report Q2 2015