Bend Real Estate Statistics
Welcome to our Bend Real Estate Market Update for the year 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 December 31, 2014. 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 2014, there were 482 single-family homes for sale, 212 pending sales, and 2,243 homes sold in 2014. The number of homes sold is down 0.75% from this time last year but there were only 17 fewer sales. We currently have about 3 months of inventory, which is 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 $200,000 – $249,999 price range with 533 closed transactions, followed by the $250,000 – $299,999 price range with 436 closed transactions.
Bend Home Values
Bend, Oregon home values continue to rise. Compared to this time last year, market-wide, the average sales price increased 8.46% to $344,650 and the median sales price increased 7.77% to $289,900.
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 2014 there were 193 new homes for sale, making up 40% of the 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 2,243 homes that sold, 532 were new homes, accounting for 24% of all home sales in 2014. Nationwide, new home sales soared to a 6-year high in 2014 and Bend was 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.