Bend, OR Real Estate Statistics Q2 2017
Welcome to our Bend Real Estate Market Update for the Second Quarter of 2017. 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 June 30, 2017. 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 June 2017, there were 603 single-family homes for sale, 383 pending sales, and 1134 homes had sold through the second quarter of 2017. Inventory is up 14% from this time last year. 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.)
The most home sales occurred in the $300,000 – $349,999 price range with 206 closed transactions, followed by the $350,000 – $399,999 price range with 200 closed transactions. At the time these statistics were compiled, there was not a single home listed for sale in Bend, OR under $200,000 and there were only 2 homes for sale in the $200,000 – $249,999 price range.
Bend Home Values
Bend, Oregon home values continue to rise. Compared to this time last year, the average sales price increased 16.74% to $453,440 and the median sales price increased 16.41% to $389,950.
Home values within the Bend city limits varied significantly, particularly from the west side to the east side. The median sales prices for the four quadrants are $599,900 for NW, $455,000 for SW, $354,950 for SE Bend, and $330,000 for NE.
At the end of Q2 2017 there were 175 new homes for sale, making up 29% of all active listings. Of the 1134 homes that sold through Q2 2017, 330 were new homes, accounting for 29% of all home sales. There were 126 pending home sales in the new construction segment of the market, which is 32% of all pending sales. The average sales price for new construction was $452,491 and the median sales price was $389,950.
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.