Molly Brundage and Cheri Smith of the BrundageSmith Real Estate Team at Total Property Resources were the top producing residential brokers in Central Oregon for the 1st Quarter of 2015. Total Property Resources ranks among the top 10 Bend Real Estate Companies for Residential and Land sales volume for 1st Quarter 2015.
Bend Real Estate Statistics
Welcome to our Bend Real Estate Market Update for the First Quarter of 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 March 31, 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 March 2015, there were 451 single-family homes for sale, 419 pending sales, and 404 homes sold in the first quarter of 2015. The number of homes sold is up 3.06% from this time last year. 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 $250,000 – $299,999 price range with 94 closed transactions, followed by the $200,000 – $249,999 price range with 71 closed transactions. It is worth mentioning that 11 sales occurred over $1,000,000 compared to just 3 sales in Q1 2014 and 2 sales in Q1 2013.
Bend, Oregon home values continue to rise. Compared to this time last year, the average sales price increased 20% to $380,997 and the median sales price increased 17.71% to $315,557.
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 Q1 2015 there were 156 new homes for sale, making up 35% of all 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 404 homes that sold in Q1 2015, 104 were new homes, accounting for 26% of all home sales in the first quarter of 2015. 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.