Bend, Oregon Home Prices in Q3 2014

BEND MARKET-WIDE ACTIVITY

At the end of September 2014, there were 650 single-family homes for sale, 360 pending sales, and 1,679 homes sold through the third quarter of 2014. The number of homes sold is down 1.76% from this time last year, but the average and median sales prices are both up. Although inventory is still low compared to 2008 when there were nearly 1,800 homes on the market, the inventory has increased 49% from the low levels of 2012.

Bend, Oregon home values continue to rise. Market wide, the average sales price increased 6.93% to $330,667 and the median sales price increased 6.3% to $280,000. The average sales price per square foot is at $173, up 6.93% from one year ago.

Distressed sales declined further. Of all the homes that sold through Q2 2014, only 60 were short sales (-44.44% from Q2 2013) and only 39 were bank owned (-17.02% from Q2 2013).

New construction inventory continues to rise and has become increasingly popular with home buyers. At the end of Q2 2014 there were 201 new homes for sale, making up 31% of the active listings. Of the pending sales, 145 are new construction and of the 1013 homes that sold, 247 were new homes, accounting for 24% of all home sales through the Second Quarter of 2014.

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, 2014.

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Cheri Smith & Molly Brundage, Bend Real Estate Brokers