Bend Real Estate Market Update Q2 2014

Bend, Oregon Home Prices in Q2 2014

At the end of June 2014, there were 643 single-family homes for sale, 407 pending sales, and 1013 homes sold. Although inventory is still relatively low when compared to the nearly 1800 homes for sale in 2008, the number of homes on the market has increased 37.98% over the last year’s low. What’s most notable is that pending home sales have nearly doubled what they were at this time last year. While the number of homes sold is down 3.89% from this time last year, it is up 58% from the end of First Quarter 2014, reflective of Bend’s seasonal change in market activity.
YTD Q2 2014 Table

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.
YTD Sales Price Chart

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).
All Homes Sold By Type Graph

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.
New Construction Pie ChartsThese 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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