Bend's high end real estate market has been trending upward for several years. Almost unheard of less than 10 years ago, the sale of million dollar homes in Bend has become common and the construction of million dollar spec homes the norm in several Bend neighborhoods.
From July 2018 through June, 2019, 67 Bend homes priced between $1,000,000 and $1,299,999 have sold, a figure that is up 11.7% over the previous 12 months. For homes priced $1,300,000 to $1,599,999, 29 Bend homes have sold, up 11.5% over the same period a year before. Homes priced between $1,600,000 and $1,999,999, the figure is 13 homes, up 30% and for the very high end, the $2,000,000 or more price point, the figure is 7, which is up 75% over that same 12 month period. This data pertains to Bend single family homes on less than an acre.
Bend Luxury Home Sales Have Balanced Market
The increased demand for high end homes in Bend has led to increased million dollar sales and in turn, a reduction in inventory. For many years, the high end market in Bend was geared toward buyers, with many months of inventory and many choices of homes for buyers to choose from. The market has changed over the last year and inventory levels have dropped in almost all categories to under 6 months - a figure that is considered balanced between demand and supply.
The amount of luxury homes for sale in Bend dropped 11.7% from July 2018 through June 2019 in the $1,000,000 to $1,299,999 price to 5.3 months. During this same time, the $1,300,000 to $1,599,999 inventory dropped 36.6% to 5.9 months. In the $1,600,000 to $1,999,999 price point, the inventory levels dropped 15.9% to 5.8 months. And in the $2,000,000 plus figure, the 6.8 months of inventory remained unchanged.
Predictions for Bend Luxury Home Sales
Baring any drastic change in the country's economic situation and Bend's feeder markets of the San Francisco Bay Area, Seattle and Portland, we believe that the trends support strong sales in Bend's high end real estate market for the rest of the year.
Original blog can be read at Bend Premier Real Estate.