The Brundage Smith Report - Q3 2018 Bend Real Estate Market Update

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Bend Real Estate Market Update | 2

Bend Real Estate Market Update Q3 2018 Welcome to our Bend Real Estate Market Update for the Third Quarter of 2018. These statistics are for stick built homes on 1.0 acre or less in Bend zip codes 97701, 97702 and 97703 and do not include manufactured homes, condos, or townhomes. This report uses market data based on transactions that closed from January 1 through September 30, 2018. All statistics come directly from the Central Oregon MLS. The first portion of this report looks at the Bend real estate market in its entirety. Latter sections focus on more specific segments of the market.

Bend Market-wide Activity At the end of September 2018, there were 596 single-family homes for sale, 267 pending sales, and 1898 homes had sold through the third quarter of 2018. The number of homes sold is up 2.71% from this time last year even though inventory is down 5.85%. We currently have about 3 months of inventory, which is low and means we’re still experiencing a seller’s market. (Months of inventory is the time it would take to sell all current listings at the current sales pace if no new listings became available.)

The most home sales occurred in the $300,000 - $349,999 price range with 345 closed transactions, followed by the $350,000 - $399,999 price range with 339 closed transactions. At the time these statistics were compiled, there was not a single home listed for sale in Bend, OR under $250,000 and only 6 homes for sale in the $250,000 - $299,999 price range.

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Bend Home Values Bend, Oregon home values continue to rise. Compared to this time last year, the average sales price increased 6.76% to $496,610 and the median sales price increased 6.52% to $425,000.

Sales Price

YTD Sales Price - Bend $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000

2014

2015

2016

2017

2018

Average

342,544

383,691

419,591

465,173

496,610

Median

288,585

325,000

359,818

399,000

425,000

Home values within the Bend city limits varied significantly, particularly from the west side to the east side. The table below includes the average and median sales prices for NW, SW, NE, and SE Bend. The median home price in NW Bend is typically around 50% higher than Bend’s overall median home price while SW Bend is roughly 15% higher. NE and SE Bend are most affordable with median home prices around 15% lower and 10% lower than the median, respectively.

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New Construction At the end of Q3 2018 there were 184 new homes for sale, making up 31% of all active listings.

Of the 1898 homes that sold through Q3 2018, 452 were new homes, accounting for 24% of all home sales. There were 82 pending home sales in the new construction segment of the market, which is 30% of all pending sales. The average sales price for new construction was $489,061 and the median sales price was $425,000.

We hope you find this market update useful and informative, and we welcome any questions you may have. If you are interested in a market update for your neighborhood or any other segment of the market (e.g. bare land or acreage properties) please contact us for a custom report.

Molly Brundage Principal Broker Cheri Smith Principal Broker

541-280-9066 | mbrundage@total-property.com 541-788-8997 | csmith@total-property.com

Web: www.brundagesmith.com | Blog: buyinbend.wordpress.com