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2nd  Quarter  2014  

  Bend Real Estate Market Update | 2

 

   

 

Bend  Real  Estate  Market  Update  Q2  2014  Welcome  to  our  Bend  Real  Estate  Market  Update  for  the  Second  Quarter  2014.  These  statistics  are  for  stick  built  homes  on  1.0  acre  or  less  in  Bend  zip  codes  97701  and  97702  and  do  not  include  manufactured  homes,  condos,  or  townhomes.  This  report  uses  market  data  based  on  transactions  that  closed  from  January  1  through  June  30,  2014.  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  June  2014,  there  were  643  single-­‐family  homes  for  sale,  407  pending  sales,  and  1013  homes  sold.  Although  inventory  is  still  relatively  low  when  compared  to  the  nearly  1800  homes  for  sale  in  2008,  the  number  of  homes  on  the  market  has  increased  37.98%  over  the  last  year’s  low.  What’s  most  notable  is  that  pending  home  sales  have  nearly  doubled  what  they  were  at  this  time  last  year.    While  the  number  of  homes  sold  is  down  3.89%  from  this  time  last  year,  it  is  up  58%  from  the  end  of  First  Quarter  2014,  reflective  of  Bend’s  seasonal  change  in  market  activity.  

 

   

BEND  M

ARKE

T-­‐WIDE   Thru  Q2  of  Year   2010   2011   2012   2013   2014  

%  Change  2013-­‐2014  

For  Sale   725   603   494   466   643   37.98%  Pending   135   138   190   208   407   95.67%  Sold   816   841   947   1054   1013   -­‐3.89%  Average  Price/SF   129   121   130   163   173   6.13%  Average  Sales  Price   248,384   233,851   247,257   309,249   330,667   6.93%  Median  Sales  Price   139,750   186,000   205,000   263,400   280,000   6.30%  

  Bend Real Estate Market Update | 3

 

   

Bend  Home  Values  Bend,  Oregon  home  values  continue  to  rise.  Market  wide,  the  average  sales  price  increased  6.93%  to  $330,667  and  the  median  sales  price  increased  6.3%  to  $280,000.  The  average  sales  price  per  square  foot  is  at  $173,  up  6.93%  from  one  year  ago.                                                    

 

Distressed  Sales  Distressed  sales  declined  further.  Of  all  the  homes  that  sold  through  Q2  2014,  only  60  were  short  sales  (-­‐44.44%  from  Q2  2013)  and  only  39  were  bank  owned  (-­‐17.02%  from  Q2  2013).                    

 

 

 

 

 

 

 

2010   2011   2012   2013   2014  Avg  Sales  Price   248,384   233,851   247,257   309,249   330,667  Median  Sales  Price   139,750   186,000   205,000   263,400   280,000  

$125,000  

$175,000  

$225,000  

$275,000  

$325,000  

$375,000  

Sales  P

rice  

YTD  Sales  Price  Market-­‐wide  

2010   2011   2012   2013   2014  Total  Sold   816   841   947   1054   1013  #  of  Short  Sales   183   230   200   108   60  #  of  Bank  Owned   295   260   209   47   39  

0  200  400  600  800  1000  1200  

Num

ber  o

f  Hom

es  Sold   All  Homes  Sold  By  Type  

  Bend Real Estate Market Update | 4

 

   

New  Construction  

New  construction  inventory  continues  to  rise  and  has  become  increasingly  popular  with  home  buyers.  At  the  end  of  Q2  2014  there  were  201  new  homes  for  sale,  making  up  31%  of  the  active  listings.  Of  the  pending  sales,  145  are  new  construction  and  of  the  1013  homes  that  sold,  247  were  new  homes,  accounting  for  24%  of  all  home  sales  through  the  Second  Quarter  of  2014.  

 

 

   

 

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,  please  contact  us  for  

a  custom  report.  

 

 

                            Molly  Brundage  Principal  Broker             Cheri  Smith  Broker        

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

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

24%  

76%  

2014  

New  Homes  Sales  

Exisfng  Home  Sales  

22%  

78%  

2013  

New  Homes  Sales  

ExisYng  Home  Sales  

12%  

88%  

2012  New  Homes  Sales  

Exisfng  Home  Sales