Welcome to our Bend Real Estate Market Update for the year 2019. These Bend real estate 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, 2019. All statistics come directly from the Central Oregon MLS.
Bend Market-wide Activity
At the end of 2019, there were 329 single-family homes for sale, 147 pending sales, and 2,356 homes had sold. While inventory is down nearly 11%, the number of homes sold in 2019 is only 4% lower than 2018, indicating that a greater percentage of homes on the market are selling. The number of homes that went pending in Q4 2019 is 12.7% higher than Q4 2018. The market did not slow down as much as it typically does 4th quarter. We currently have about 2 months of inventory, which is very low and means we’re still experiencing a seller’s market.
The most sales occurred in the $350,000 – $399,999 price range with 405 closed transactions, followed by the $400,000 – $449,999 price range with 348 sales. There was a 12% increase in the number of sales in the $500,000 – $749,999 price range and a 12% decrease in the $250,000 – $499,999 range, possibly suggesting a shift as home prices increased.
Bend Home Values
Compared to this time last year, market-wide, the average sales price increased 6.29% to $533,043 and the median sales price increased 5.39% to $450,000. In Q3 and Q4 of 2019 the median home price bounced around quite a bit going from a high of $475,000 in August down to $440,000 in September, then back up and back down before settling at $440,000 in December. It’s not uncommon for values to fluctuate from month to month, which is why we run statistics quarterly. Home values are still increasing year over year, although at a more moderate pace.
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. When looking at overall affordability in Bend it’s helpful to know that the median home price in NW Bend is typically around 50% higher than Bend’s overall median home price while values in SW Bend are around 15% higher. Home values in NE Bend are about 15% lower while SE Bend values are about 10% lower.
At the end of 2019 there were 126 new homes for sale, making up 38% of the active listings. In the MLS, some of the new construction 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 2,356 homes that sold, 475 were new homes, accounting for 20% of all home sales in 2019. The average sales price for new construction was $536,761 and the median sales price was $475,000. In the five years we’ve been tracking new construction, this is the first time the medium sales price for new construction has been notably higher than the overall median sales price. This could be due to the high cost of land, building materials, permits, and System Development Charges but it’s also possible that a greater number of new homes sold at higher price points.
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.