Bend home buyers and sellers know that real estate prices have been on the upswing for several years. Bend homes have gained value consistently since 2011, with the average sales price up 95% in the last 7 years.*  However, what about the luxury, over $1,000,000 market? What have the last 2 years shown for high end home demand in Bend?

As expected, home prices are up in the luxury market as well. When the trends from 2016 through 2017 are compared with Bend single family homes over $1,000,000 on less than 2.5 acres are compared, the following changes can be seen:

• Number of homes for sale up 11.1% to 60
• Number of homes sold up 54.5% to 85
• Number of homes pended up 46.7% to 88
• The average square foot price is up 4.6% to $326.68
• The months of inventory based on closed sales is down 17.2% to 12
• The sold/original listing price difference is up 3.3% to 95%
• The average active price is up 8.5% to $1,614,000
• The average sold price is up 2.7% to $1,339,000*

Bend Luxury Homes Demand Expected to Remain High

The way Bend home sales have trended year to date, we don't expected dramatic changes to the Bend luxury home market in 2018. Spec builders are feeling confident and are building in the over $1,000,000 price point and buyers are purchasing these homes. Baring a dramatic national economic slow down, we predict the Bend Oregon Luxury home market to remain strong in 2018.

 *Data from Central Oregon MLS published January 2018

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