Bend OR Real Estate - May 2018 Trends

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

How High Can Bend Oregon Real Estate Prices Go?

The demand for Bend single family homes has not dropped off and the data from May, 2018 shows that home prices continue to rise. Homes priced well are often experiencing multiple offers which drive the price up. While new homes are being built, they are also being sold quickly and the average days on market has dropped.  The following shows the figures comparing Bend single family homes from May 2018 with May 2017:

  • Average days on market down 3.9% to 98
  • Number of homes for sale up 10.2% to 542
  • Number of homes sold down 0.9% to 220
  • Number of homes pended up 6.9% to 249
  • Average price per square foot up 4.3% to $240
  • Months of inventory based on closed sales up 13.5% to 2.5
  • Average active price down 2.7% to $656,000
  • Average sold price up 9.7% to $498,000*

This last figure is significant. The average sold price for a Bend single family home is almost at $500,000. The Bend City Council has discussed the need for more affordable housing in Bend for years, but the price for a single family home continues to rise roughly 10% per year since coming out of the great recession. Although new apartments, condominiums and townhome projects have helped some with the affordable housing needs, the demand for single family homes continues to be high and builders cannot build these homes fast enough or at a price that keeps them "affordable."

What Can be Done to Make Bend Real Estate More Affordable?

Basic economics notes supply and demand as a major driving force for prices. The more the demand and the less supply, the higher the price.  The same is true in reverse - the lower the demand and the more the supply, the lower the price. The demand for Bend homes has exceeded the supply for many years. State wide planning guidelines have kept Bend from expanding its Urban Growth Boundary to the extent it originally requested (10,000 acres asked in 2005 but only 2380 acres were approved in 2015). This has made land prices soar. At the same time, the prices for lumber and other building commodities have escalated and contractors have had to raise their asking price on new homes to accommodate these higher building costs. The only true control the City of Bend has on home prices is what they charge for permits. These costs are over $20,000 per home. Reducing or waiving these costs may help some with affordable housing projects, but will not offset the rising costs connected with actually building a home.

Bend Oregon Real Estate Trends May 2018

* Data from Central Oregon Association of Realtors.  Original blog can be seen at Bend Premier Real Estate's blog page

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Oregon Deschutes County Bend
Tags:
affordable housing
bend oregon real estate
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Rainmaker
2,627,864
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

You take the good and you take the bad and you mix them all up in the pot, and this is what you have I guess. Not too bad at all, I would say.

Jun 11, 2018 03:32 PM #1
Rainmaker
4,181,880
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing 

Jun 11, 2018 03:47 PM #2
Rainmaker
857,481
Joyce Marsh, Daytona Beach Florida
Joyce Marsh at Premier Sotheby’s International Realty - Daytona Beach, FL
Proudly Selling Florida Homes and Lifestyles

Buyers searching for homes in the area will definitely appreciate your Market reports for Bend, Oregon. 

Jun 11, 2018 10:54 PM #3
Ambassador
2,831,255
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I love the way you use charts and graphs and statistics to prove your points. Bend Oregon has always been a favorite of mine and I enjoyed your market update.

Jun 11, 2018 11:05 PM #4
Rainmaker
2,581,460
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Lynnea... nice and easy to digest market report. No doubt a seller's market in Bend with less than 3 months of inventory. I'm a bit gob-smacked by your price per square foot (very high compared with Charlotte real estate).

Jun 12, 2018 03:24 AM #5
Rainmaker
325,561
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Nina Hollander .  I traveled to Charlotte in 2006 (during the last boom) and was amazed at how much home you could get for the price in your market. Great value compared with the west coast.  And great, kind people.

Jun 12, 2018 08:57 AM #6
Rainmaker
2,581,460
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lynnea Miller hi Lynnea... all true, true, true... and it's still a lot of value here for the money, but the bases prices have risen an awful lot. People are still very kind and friendly!

Jun 12, 2018 12:57 PM #7
Rainmaker
4,804,045
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Families moving to the area will appreciate your local real estate market reports.

Jun 14, 2018 05:27 PM #8
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

It seems to continue on the path you predicted when we spoke, Lynnea! Incredible! I cannot imagine those prices here in Charlotte!

Jun 14, 2018 10:48 PM #9
Rainmaker
4,475,206
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 real estate market in Bend OR.

 

Jun 15, 2018 04:19 AM #10
Rainmaker
4,804,045
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good Monday morning. Thanks for your comments on my blog.

Have a great day and an outstanding week.

Jun 18, 2018 05:18 AM #11
Rainmaker
1,795,351
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Lynnea Miller - Economic forecasting is key to understanding marketing trends. You really know and understand how the economy plays a chief role in the real estate market.

Wishing you continuous success!

Jun 18, 2018 05:27 AM #12
Rainmaker
1,068,095
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

I have friends who purchased in the Bend area several years ago. Eagle Crest in Redmond.  I bet they're glad they didn't wait! 

Jul 01, 2018 08:14 AM #13
Rainmaker
325,561
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Carol Williams .  We currently have a great listing in Eagle Crest and need a buyer!  Matterport of Sweeping View.  Eagle Crest is a great neighborhood and yes, values have definately risen there over the last few years.

Jul 01, 2018 09:44 AM #14
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Lynnea Miller

Premier Real Estate Service in Central Oregon
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