March 2019 Bend real estate sales followed the trends noted earlier in the year. Although there was a seasonal uptick in March 2019 of Bend single family residential home real estate activity, new home listings, those in pending status and those sold were significantly down.
- Numbers of homes for sale down 15.1% to 377*
- Numbers of homes sold down 27% to 149
- Numbers of homes pended down 8.6% to 201
Bend OR Home Prices Up
While actual sales are down, the average price of a Bend single family home continues to rise. Comparing March 2018 with March 2019:
- Average price per square foot on sold homes up 6.3% to $252
- Average active price up 4.9% to $682,000
- Average sold price up 8.9% to $536,000
Bend Single Family Home Inventory Remains Low
While prices continue to rise with actual sales down, inventory levels of Bend single family homes remain low. The uptick in inventory levels in February may be attributable to heavy snow the second half of the month. In March, inventory levels dropped from February levels, but are still higher than that of 2018. In 2018, Bend had 2.2 months of inventory based on closed sales. In 2019, this figure is slightly better at 2.5 months. Still, lack of inventory remains a problem with Bend real estate.
Predictions For Bend Real Estate
Our blog on New Construction written last month shows that permits for Bend single family homes are down as well. For builders, the price to build a new home is driving their sales price which in turn make overall home prices in Bend rise. This in turn leads to less affordability and builders in certain price points sitting on inventory. There is also a statewide push to encourage multi-family and higher density housing options which may be more affordable, but for many less desirable than single family homes. We predict more of the same for 2019.
* Data from Central Oregon MLS Original blog can be read at Bend Premier Real Estate's blog page.