Bend Real Estate Market Summary For First 2 Months Of 2013
The market is going strong in Bend, maybe too strong... There still isn't enough inventory available to satisfy the amount of serious buyers, causing bidding wars. So prices continue to climb. Many lower end buyers are getting priced out of our market. A little over a year ago, you could buy a nice, newer home for $150,000 in Bend. Today it's hard to find anything over 1500 square feet and doesn't require a lot of work for under $200,000.
Bend Residential Real Estate Sales January and February 2013
Let's look at the sales of stick-built single family residences through February this year (statistics taken directly off of the Central Oregon MLS, excluding townhomes, condos, and manufactured homes).
There were 263 sales that closed in January and February
The median price was $265,000
The least expensive home was a 1 bedroom, 1 bathroom, 733 sq ft home that sold for $72,900
The most expensive home was a 6 bedroom, 5 bathroom, 5,565 sq ft home that sold for $1,265,000
The Average Days On Market was 146, but this number is skewed because of the short sales and the time that short sales take to close escrow
Of the 263 sold homes, 39 were Short Sales that averaged 235 Days On Market. 16 sales were Foreclosures that averaged 92 Days On Market.
Average Sales Price VS List Price- You can see by the graph that the average sales price compared to the listing price goes down as the days on market goes up. But even at 120+ days on the market the average sales price vs list price is still 97.7%.
Current Residential Housing Inventory In Bend
Currently there are 459 stick built, single family homes on the market
Prices range from $102,000 to $4,985,000
There are only 53 homes available for under $200,000
15 manufactured homes sold in January and February
Condos and Townhomes
16 condos and townhomes sold
Summary Of The Bend Housing Market
Depending on what price point you are looking at, the inventory varies. Many buyers are looking at the $250,000 and under price range, which leaves very little to choose from. Most of the homes under $200,000 are either under 1,500 sq ft, or in need of some TLC. Overall, we are still short on inventory to meet the current buyer demand for housing.
The majority of my buyers are moving to Bend from outside of the area. Many buyers are retiring in Central Oregon, with some buying future retirement homes for 2-5 years down the road, and a small percentage of buyers are moving to Bend for work. Our job market is still pretty slim, but I'm talking with more and more people that are finding good paying jobs in the Bend area.
I believe that our market will continue in the "HOT" state through the summer. We'll most likely keep seeing appreciation through the end of summer, as the buyer demand will continue and inventory will remain fairly low. Hopefully prices will level off at the end of the summer and remain at healthy levels with slower appreciation as inventory builds. Last year Bend averaged about 15% appreciation on stick built homes. The next couple of months will be a good indicator of what's to come for our housing market. Stay tuned for more info.