August 26, 2015 · by Cheri Smith & Molly Brundage
Bend Real Estate Statistics
Welcome to our Bend Real Estate Market Update for the Third Quarter 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 September 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 September 2015, there were 503 single-family homes for sale, 299 pending sales, and 1855 homes had sold through the third quarter of 2015. The number of homes sold is up 10.48% from this time last year while inventory is down 21.77%. Even with inventory as low as it is, home sales are the highest we’ve seen since 2005. We currently have 2.8 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.)
Bend Home Values
Bend, Oregon home values continue to rise. From this time last year, market wide, the average sales price increased 12.01% to $383,691 and the median sales price increased 12.62% to $325,000. Although values are up significantly from this time last year, home values have only increased 3% from Q1 when the median sales price was $315,557.
The most home sales occurred in the $250,000 – $299,999 price range with 404 closed transactions, followed by the $200,000 – $249,999 price range with 299 closed transactions. This is obviously a hot segment of the market but it is getting increasingly more difficult for buyers to find suitable homes. As of the date these statistics were compiled, there were only 18 homes for sale under $250,000 in Bend.
Home values within the Bend city limits varied significantly, particularly from the west side to the east side. The table below includes the number of homes sold and the 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 $272,700, the lowest in Bend. The next most affordable part of town is SE Bend with a median sales price of $285,700. Home values on the west side of Bend are highest. The median sales price in NW Bend is $497,325 and $370,000 in SW Bend.
At the end of Q3 2015 there were 147 new homes for sale, making up 29% of all active listings. In the MLS, there is a lot of pre-marketing being done for new construction. Some of the new construction in the MLS is still under architectural review or is pending final permit approval but much of the new construction has been completed and is move-in ready. Of the 147 new homes on the market, 40 had been completed as of September 30, 2015.
Of the 1855 homes that sold through Q3 2015, 429 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.