Bend Real Estate - February 2019 Market Trends

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

Bend Oregon Real Estate Market Changing

February 2019 had the most dramatic change to the Bend Real Estate market that we have seen in many years. Sales dramatically declined while prices increased, although at a reduced rate than we have experienced over the past few years.  It appears that the trends we started to see the second half of 2018 are continuing.

When February 2019 is compared with February 2018, the data for Bend single family residential sales on less than an acre are as follows:

  • Numbers for sale down 6.6% to 398
  • Numbers sold down 36% to 105
  • Numbers pended down 17% to 151
  • Average price per square foot up 2.9% to $248
  • Average days on market unchanged
  • Sold/Original listing price different down 1% to 96%
  • Average active price up 6.2% to $681,000
  • Average sold price up 3.1% to $498,000
  • Months of Inventory based on closed sales up 46.2% to 3.8 months*

While the heavy snow we saw the end of February may contribute to the decrease in pended homes, the huge decline in homes sold is directly attributed to the slow market seen in January. And despite the slowing market, prices are still rising.

Bend OR Real Estate Inventory Levels Increasing

Probably the trend most pronounced was the amount of months of inventory on the market based on closed sales.  The 3.8 months of inventory is the highest figure we have seen in this category since 2013.  This can be an anomaly - perhaps tied into the concerns with the stock market the end of 2018 and the uptick in interest rates.  However, it does appear that we are in a changing real estate market. If inventory levels grow, we can expect to see a decrease in home prices. 

Bend Or Real Estate Inventory Levels

 *Data from Central Oregon MLS.  Original blog can be read at Bend Premier Real Estate's blog page.

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Real Estate Market Trends
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Oregon Deschutes County Bend
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Rainmaker
3,041,901
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lynnea Miller, great information for buyers and sellers and us here in the Rain.

Mar 06, 2019 05:29 PM #1
Rainmaker
2,941,860
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good morning, Lynnea... your numbers remind me of trends here in my market, as well.

Mar 07, 2019 04:48 AM #2
Rainer
340,743
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

Mar 07, 2019 09:03 PM #3
Rainmaker
5,224,259
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will love your local market reports.

Mar 17, 2019 09:44 AM #4
Rainmaker
5,224,259
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Mar 17, 2019 09:44 AM #5
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Rainmaker
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Lynnea Miller

Premier Real Estate Service in Central Oregon
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