The Bend real estate market continues to be impacted by a limited supply of inventory, rising prices and changing seasons. August 2019 was a strong month for Bend home sales and we believe the lack of summer forest fires may have impacted our market positively.
When August 2019 is compared with August 2018 for Bend single family residential sales on less than an acre, the following trends can be noted:
Homes for sale down 5.5% to 585
Homes sold down 5% to 248
Homes pended up 4.1% to 229
Average price per square foot up 4.3% to $266
Average days on market down 4.4% to 86
Sold/original listing price difference is 0
Average active home price is up 2.9% to $681,000
Average sold price is up 7.1% to $558,000
Months of inventory is unchanged at 2.4*
The average sold price of a Bend single family home at $558,000 is a new record. And lack of inventory still impacts overall sales.
Bend Oregon Home Prices Have Never Been Higher
Each month we report on Bend real estate trends and almost every month we report that the trends show home prices rising when compared with the same month the year before. Since coming out of the great recession, Bend's active home price is up over 80% and its sold price is up roughly 110%. We believe that such growth cannot continue at that pace and over time, the increase in Bend's home prices should be less dramatic. The chart below shows the last 15 years of Bend's real estate trends.