Over the past couple years our market has been on the rebound from the recession and real estate market collapse. The market in Bend rebounded faster than most markets throughout the nation, as the city continues to grow at a fast pace. The early spring weather has caused some homeowners to list their homes earlier this year, which has raised our housing inventory slightly to just over 4 months of inventory, but it's being gobbled up quickly. It will be interesting to see what our inventory levels do in the next couple of months. Currently in the $250K and under price range, there isn't much available, and new listings in this price range are selling within days, many times with multiple offers. I was out showing homes in this price range a couple of days ago, and there were lines of agents and buyers waiting to view a couple of newly listed homes. Both received multiple offers within a couple of days.
Current Bend Housing Inventory
Current inventory numbers are for stick built, single family homes only, (excluding condos, manufactured homes, and such). All data was pulled from the COAR MLS on 03/31/2015.
577 Active home listings on the market
462 Pending home sales
7 Short Sales with offers on them listed as "contingent bumble"
169 Sold homes in March so far (as of 03/31/15, but more are likely to be inputed as some aren't inputed for several days after they sell)
Currently there are only 3 homes on the market for under $200K in Bend. 2 of these homes have are in rough shape and have been on the market for quite some time. The other is a foreclosure that is accepting bids through April 1st. I'm confident that they'll receive multiple bids, and the home will probably sell for at or above the asking price. As you can see, this price range is almost non-existant in Bend now days. View all homes under $200K, including condos, manufactured homes and townhouses. 9 homes have sold for under $200K so far in March.
There are currently 119 homes available in Bend in the $200K-$300K price range. Most of these houses are in NE and SE Bend. 50 of these properties are new construction! That's almost half of the market in this price range. The $250K and under price point is very hot. We're seeing multiple offer situations on many new listings. 61 homes in this price range have sold so far in March.
In the $300K-$500K we have an inventory of 184 homes for sale. These listings include houses in all areas of Bend, with quite a few in popular areas such as SW and NW Bend. Of the active listings available, 71 are new construction. New construction has been a big part of this market, and continues to sell well. We're seeing more and more active buyers in this price range. 66 houses have sold so far in March for in between $300K-$500k. I expect this number to rise throughout the summer months.
This higher end price point currently has 191 houses for sale. Many of these homes can be found on the westside of Bend near downtown. These areas include Awbrey Butte, Northwest Crossing, Shevlin Meadows, and more. 46 of the available properties are new construction. So far in March there have been 31 sales recorded on the MLS.
Currently there are 72 luxury homes for sale in the million dollar plus price range. The most expensive home is a 280 acre ranch in NW Bend listed for $6.6 million. 4 of the properties available are new construction homes. 5 homes sold for over $1,000,000 so far in March.
Bend Housing Market Summary
As you can see by the above data, new construction is hot in Bend. Of the 169 homes sold in March so far, 38 of them were new construction. Construction continues to boom on the westside of Bend, as well as the eastside. Most of the unfinished subdivisions from the recession are now being built out. Custom and spec homes continue to be erected at an astonishing rate in popular areas such as Northwest Crossing and Tetherow. It's amazing to see the amount of construction going on in both of these growing NW Bend neighborhoods!
All in all, our market is moving at a rapid pace. While some experts thought we'd start to see a cool off trend this year, it doesn't look like it's going to happen. We're seeing the bottom end of the market appreciate month to month, even week to week. It's an extremely competitive buyer market under $250,000 with many multiple offer situations. The mid range and higher end markets are heating up as well, and out pacing last years sales. Last year from 01/01/14-03/31/2014 there were 61 single family home sales over $500k. In the same time period this year, 93 homes have sold in the $500K+ range.
Compared to the growth of the last boom (2004-2007), our current market seems to be growing healthy. By that I mean that we're not seeing as many speculation purchases. During the previous boom, small time investors were leveraging everything they had to get in on the Bend real estate market. We're not seeing much of this today. Most buyers are coming in with healthy down payments or cash. And I'm personally not seeing as many investor purchases of single family homes. Retirees and telecommuters are a big part of the buyers moving to Bend. They're bringing income with them without taking local jobs up, which is great for our local economy.