Are Bend OR Home Sales Leveling Off?
The July 2018 figures are out and there has been a change in the sales trends for Bend single family homes. Since coming out of the great recession, home sales in Bend have been strong with pended and sold trends consistently higher than those from the year before. While the average price per square foot continues to rise, the actual numbers of homes sold and pended are down. When July 2018 is compared with July 2017, the following data can be noted for Bend single family homes on less than an acre:
- Homes for sale down 2.9% to 643
- Homes sold down 6% to 233
- Homes pended down 4.3% to 222
- Average active price up .6% to $654,000
- Average sold price up 5.5% to $502,000
- Months of inventory based on closed sales up 3.7% to 2.8
- Average price per square foot up 2.8% to $253*
What are the Trends Telling Us?
Although one month of change does not necessarily mean we have a new trend, the fact that most of the figures are down over the year before is interesting. We have also seen asking prices varying little over the past year. During the summer of 2017, much of Central Oregon suffered from several large forest fires which resulted in smoke filled skies and people unable to enjoy the outdoor lifestyle people move here to experience. This summer our local fires have been small and the skies relatively clear most of the season, but the home sales trends are down. Whether or not this means we are entering a time of home price correction remains to be seen.
* Figures from Central Oregon MLS. Original blog can be seen at Bend Premier Real Estate's blog page.