The secret is out of the bag... Our real estate market in Bend is once again thriving with sales and new construction. Foreclosures and Short Sales are slim, multiple offers are common, and many appraisals are coming in at above the sales price. Let's look back at the 1st half of 2013 real estate statistics for Bend. These statistics are only for stick built homes within the Bend area, excluding manufactured homes, condos, townhomes, and others. All statistics come directly from the Central Oregon MLS.
Sold Statistics Jan 1st 2013-June 30th 2013
1182 homes were reported sold in the 1st half of the year
231 of these sales were new construction!!!
14 homes sold below $100K
286 in the $100K-$200K price range
367 in the $200K-$300K price range
223 in the $300K-$400K price range
132 in the $400K-$500K price range
148 in the $500K-$1,000,000 price range
And 12 homes sold in the $1million+ price range
The most expensive Bend home sale was a 6865 Sq Ft, 5 bedroom, 5.5 bathroom home on the west side of Bend, located in Skyliner Summit. The home had spectacular Cascade Mountain views and was perched on a .85 acre lot. The final sales price was $2,000,000. The least expensive home that sold so far this year was a 2 bedroom, 1 bathroom, 1160 Sq Ft home on the SE side of Bend. The home was built in the 40's and went for $70,000.
Bend's Median Sales Price jumped from $266,278 in January, to $291,250 for the month of June, and there are no signs of things slowing down. But with interest rates going up and construction booming, I'm hoping our appreciation will slow to healthy levels. The biggest change noticed by all in Bend is the amount of new construction going on all around us. Homes are being built on many of the unfinished subdivisions and vacant lots throughout the city. The big surprise, is that builders are selling them fast, and continue to raise their prices. Supply and demand has turned a buyers market quickly into a sellers market.
Some additional sales may have closed in this time period but not been reported to the MLS yet.
Days on Market
The average days on market for the first 6 months of this year was 130 days. But in the lower price ranges the majority of homes are on the market less than a week before accepting offers. The days on market average is skewed, because we still have some short sales that are taking 6+ months. Excluding short sales, the average days on market was 115. I recently closed on a short sale on a duplex in Bend that took about 2 years to get approved by the bank, but it had offers on it shortly after coming on the market.
With buyers relocating to Bend from all over the country, I think we'll continue to see construction boom, jobs and our economy grow, and home sales at a steady pace for the foreseeable future. We over corrected with depreciation, and now we're making up for that over correction by appreciating at a fast pace. I'm optimistic that we'll get back into a more "normal" Bend market, with sales slowing in the winter and picking back up in the spring. Only time will tell... Some skeptics have predicted another dip in our market, but that's just not going to happen anytime soon. Lending is much more strict, there are a lot of cash sales, and home owners that were under water are now bobbing above.
Contact me if you have any questions about the market.