How High Can Bend Oregon Real Estate Prices Go?
The April 2019 sales figures for Bend single family homes on less than an acre are out and the results are dramatic. While new home sales surged in April, following a seasonal trend with 252 pending sales, the numbers of homes available and those closed in April are definitely down. And while prices continue to climb, the average days on market are also up. The following compared April 2018 with April 2019 for Bend single family homes on less than an acre:
- Homes for sale down 13.5% to 397
- Homes sold down 10.2% to 177
- Homes pended down .4% to 252
- Average active price up 6.8% to $694,000
- Average sold price up 12.4% to $552,000
- Average price per sq ft up 8.9% to $258
- Average days on market up 19% to 125
- Sold/original listing price difference percentage down 10.2% to 88
- Months of inventory based on closed sales down 4.3% to 2.2*
Will Bend Real Estate Prices Impact 2019 Sales?
When we first started noting the slow down in Bend real estate sales the 2nd half of 2018, we were wondering if Bend home prices had reached a point where the average person relocating to Bend was now priced out of the market. The slowing trend has continued, but prices have still continued to rise. In some cases, the rising prices can be attributed to the booming Bend luxury home market as our data in this blog draws from all Bend home sales. In addition, builders are still lagging behind the demand in building new homes as is reflected in the 2.2 months of inventory based on closed sales.
What Do We Predict for Bend OR Single Family Home Sales?
We believe that the rest of 2019 will be more of the same. Bend homes that are well priced are selling quickly this year, often with multiple offers which drive the price up and result in frustration for buyers that do not have their offers accepted. Homes that are overpriced will not sell, even with inventory levels as low as they are. However, given the current trends, we believe that Bend single family home sales will continue to reflect rising prices.
*Data from Central Oregon MLS May 13, 2019
Original blog can be read at Bend Premier Real Estate's blog.