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Bend Real Estate | September 2017 Trends

By
Real Estate Broker/Owner with Bend Premier Real Estate 200009031

Bend OR Real Estate Sales Results Remain Mixed

Moving into fall, Bend real estate sales typically trend downward as the weather cools, school starts and tourism drops during the shoulder season between summer and winter. During this time, the frantic pace of summer sales becomes more contained as the buyers with school aged children are no longer looking in large numbers and the bulk of our buyers become retirees, investors or those looking for second homes.

When we compare the September data from 2016 with 2017 for Bend single family home sales on less than an acre, the following changes can be seen:

  • Number of homes for sale up 9%
  • Number of homes sold down 11.6%
  • Number of homes pended up 23%
  • Average price per square foot up 5.9%
  • Average active price up 7.7%
  • Average sold price up 7.6%
  • Months of inventory based on closed sales up 24%*

Bend Real Estate Months of Inventory

This last statistic on the months of inventory is interesting.  A balanced market has 6 months of inventory which is one of several reasons we have seen such a great increase in home values over the past 5 years. And while 3.1 months of supply is a large increase of 24% over the same month a year ago, it is still down significantly over the figures considered balanced.

Those who live in Bend have seen a tremendous increase in new homes being built over the past few years, but the rising prices have also made the town unaffordable for many. And the summer fires made it difficult to show homes. This last may be the reason that 11.6% fewer homes sold in September 2017 than in September 2016, but pending home sales are up 23% - perhaps a direct correlation with the end of the fires and the return to the stunning views we are used to.

Fall Predictions for 2017 Bend Single Family Homes Sales

Bend remains a destination for many Americans looking for a mid-sized town with outstanding outdoor recreational opportunities, stunning views, and what many consider a great place to raise a family. Economically, the town has mostly recovered from the great recession and the trends appear to reflect a growing real estate market, at least in the near term. The increase in inventory shows more options are available for buyers, but the increase in prices continue to make the town unaffordable for many.

 

*Data from Central Oregon MLS

Original post can be seen at Bend Premier Real Estate's blog page.

Comments (4)

Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-739-3843

Lynnea, this was so interesting! Bend has certainly been up and down from the economy tanking to Boomtown now! Yes, agreed that many buyers can't afford to purchase because of the uptick in demand and pricing. Keeps you on your toes, doesn't it? And I'll bet that Sept. this year was different due to the fires...so much was different for your area--especially with tourism--and the surrounding places, like Sisters, for example. They took a big hit with tourism down when some big events were cancelled. 

Love that photo, too! 

Oct 10, 2017 05:32 PM
Lynnea Miller

Thanks for your comments, Gayle Rich-Boxman Fishhawk Lake Real Estate . Yes, I do think we are in a fluctuating market right now. And thanks for liking the photo!

Oct 11, 2017 09:09 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Lynnea Miller Based on the numbers revealed in your report, your market is in store for a change. Always a lag period, but the next few months will be telling.

Oct 11, 2017 05:53 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate market reports.

Oct 11, 2017 01:10 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Lynnea.  Thanks for keeping us informed about the Bend OR real estate market.

Oct 13, 2017 06:05 AM