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 HOME VALUES
Bend, Oregon home values continue to rise. From this time last year, market wide, the average sales price increased 8.17% to $342,544 and the median sales price increased 7.3% to $288,585. The most homes sales occurred in the $200,000 – $249,999 price range with 404 closed transactions, followed by the $250,000 – $299,999 price range with 313 closed transactions.
Distressed sales declined further. Of all the homes that sold through Q3 2014, only 56 were short sales (-60% from Q3 2013) and only 52 were bank owned (-10.34% from Q3 2013). Because distressed sales presently account for such a small portion of the property sales, this will probably be the last quarterly market update that includes distressed properties.
At the end of Q3 2014 there were 198 new homes for sale, making up 31% of the active listings. Of the pending sales, 122 are new construction and of the 1,679 homes that sold, 388 were new homes, accounting for 23% of all home sales through the Third Quarter of 2014. Nationwide, new home sales soared to a 6-year high in August. The availability of brand new homes is making it more challenging for some homeowners trying to sell an older home that needs some updating. Many buyers simply don’t want the hassle. Some sellers are having to deeply discount their list prices to entice buyers to make an offer and take on a remodel. That being said, the statistics show that roughly 3/4 of home buyers see the benefits of purchasing an existing home, which include mature landscaping, window coverings, and in many cases, a larger lot and a more established neighborhood.
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, 2014.