This article was originally published on the BrundageSmith BEND OREGON REAL ESTATE BLOG

July 11th, 2018 · by Cheri Smith & Molly Brundage

Bend Real Estate Statistics Q2 2018

Welcome to our Bend Real Estate Market Update for the Second Quarter of 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 June 30, 2018. 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 2018, there were 604 single-family homes for sale, 328 pending sales, and 1194 homes had sold through the second quarter of 2018. Inventory is up 5.29% from this time last year. 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 $300,000 – $399,999 price range with 430 closed transactions, followed by the $400,000 – $499,999 price range with 289 closed transactions. At the time these statistics were compiled, there was not a single home listed for sale in Bend, OR under $250,000 and there were only 9 homes for sale in the $250,000 – $299,999 price range.

Bend Home Values

Bend, Oregon home values continue to rise. Compared to this time last year, the average sales price increased 9.25% to $495,369 and the median sales price increased 8.32% to $422,400.

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 $627,500 for NW, $500,000 for SW, $363,000 for NE Bend, and $376,285 for SE.

New Construction

At the end of Q2 2018 there were 167 new homes for sale, making up 28% of all active listings. Of the 1194 homes that sold through Q2 2018, 304 were new homes, accounting for 25% of all home sales. There were 126 pending home sales in the new construction segment of the market, which is 38% of all pending sales. The average sales price for new construction was $486,922 and the median sales price was $410,975.

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.