Bend Real Estate Market Update – 2016 Recap

Bend Real Estate Statistics

Welcome to our Bend Real Estate Market Update for the year 2016. These statistics
are for stick built homes on 1.0 acre or less in Bend zip codes 97701, 97702, and 97703 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, 2016. 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 2016, there were 344 single-family homes for sale, 253 pending sales, and 2,538 homes had sold. The number of homes sold in 2016 is 3.47% higher than 2015 despite the fact that inventory is 13.69% lower. We currently have about 2 months of inventory, which is very 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.)

2016-market-wide-sales-table


The most sales occurred in the $250,000 – $299,999 price range with 508 closed transactions, followed closely by the $300,000 – $349,999 price range with 488 closed transactions. A close third was the $350,000 – $399,999 price range with 366 sales. Nearly 54% of home sales in 2016 occurred in the $250,000 – $399,999 price range.

2016-price-range-table


Bend Home Values

Compared to this time last year, market-wide, the average sales price increased 9.13% to $421,538 and the median sales price increased 9.94% to $360,000. That’s a slower rate of appreciation than the 12.95% we saw during 2015.

sales-price-graph

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.

2016-quadrant-table

 

New Construction

At the end of 2016 there were 164 new homes for sale, making up 47% 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 2,538 homes that sold, 635 were new homes, accounting for 25% of all home sales in 2016. The average sales price for new construction was $421,538 and the median sales price was $360,000.


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.

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