Bend Oregon Home Prices Keep Rising
The July 2019 figures are out and Bend single family home prices continue to go up while closings are down. However, homes in pending contracts have had a huge increase over the year before. When July 2019 is compared with July 2018 for Bend single family homes on less than an acre, the following changes can be seen:
- Homes for sale down 6.1% to 604*
- Homes sold down 1.6% to 239
- Homes pended up 28.3% to 263
- The average price per square foot for sold homes up 4% to $261
- The average days on market down 5.3% to 90
- The sold/original listing price difference is unchanged at 98%
- The average active price is up 4.9% to $686,000
- The average sold price is up 9.2% to $544,000
- The months of inventory based on closed sales is down 3.8% to 2.5
How High Can Bend Home Prices Go?
With inventory levels as low as they are, and with buyers willing to keep buying (homes pended in July up 28.3% from the year before), prices will keep rising; the recent reduction in interest rates should help buyers qualify for a higher priced home than they did the month previous. Until buyers stop purchasing Bend homes, supply and demand should dictate price and right now, the demand is pushing Bend prices up.
*Data from Central Oregon MLS Original blog can be read at Bend Premier Real Estate's blog page