Bend Real Estate Statistics Q1 2019
Welcome to our Bend Real Estate Market Update for the First Quarter of 2019. 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 March 31, 2019. 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 2019, there were 339 single-family homes for sale, 196 pending sales, and 384 homes had sold through the first quarter of 2019. The number of homes sold is down 24% from this time last year, which is not surprising at all considering inventory is also down 20%. We did have heavy snowfall in February and schools were closed for 4 days, which did hamper the real estate market a bit by way of fewer sales and lower inventory. While inventory and number of homes sold are down compared to Q1 2018, the absorption rate, at 40%, is much the same and in fact, is higher than in June, July, and August 2018. Fewer homes are on the market but a greater percentage of the homes on the market are selling. We currently have about 2.5 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 $350,000 – $399,999 price range with 73 closed transactions, followed by the $300,000 – $349,999 price range with 66 closed transactions. The $400,000 – $449,999 price range was a close third with 54 home sales.
Bend Home Values
Bend, Oregon home values continue to rise. Compared to this time last year, the average sales price increased 6% to $512,904 and the median sales price increased 6% to $440,000.
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 $624,000 for NW, $527,250 for SW, $394,995 for SE Bend, and $375,627 for NE.
At the end of Q1 2019 there were 130 new homes for sale, making up 44% of all active listings. There were 89 pending home sales in the new construction segment of the market, which is 45% of all pending sales. Of the 384 homes that sold in Q1 2019, 89 were new homes, accounting for 23% of all home sales. The average sales price for new construction was $505,434 and the median sales price was $454,990.
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.