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2015  Market  Recap  

  Bend Real Estate Market Update | 2

 

   

Bend  Real  Estate  Market  Update  -­‐  2015  Recap  Welcome   to   our   Bend   Real   Estate   Market   Update   for   the   year   2015.   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  December  31,  2015.  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  2015,  there  were  416  single-­‐family  homes  for  sale,  313  pending  sales,  and  2,453  homes  had  sold.  The  number  of  homes  sold  in  2015  is  9.36%  higher  than  2014  despite  the  fact  that   inventory   is  13.69%   lower.  We  currently  have  about  2  months  of   inventory,  which   is   very  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  $250,000  -­‐  $299,999  price  range  with  542  closed  transactions,   followed  by   the  $300,000   -­‐   $349,999  price   range  with  395   closed   transactions.  A  very   close   third  was   the  $200,000   -­‐   $249,999  price   range  with  384   sales.  Nearly  54%  of  home  sales  in  2015  occurred  in  the  $250,000  -­‐  $349,999  price  range.  

 

 

 

ALL  SA

LES  

Price  Range   Active   Pending   Sold   Avg  DOM  $100,000  -­‐  $249,999   11   42   442   141  $250,000  -­‐  $499,999   232   215   1563   113  $500,000  -­‐  $749,999   99   39   329   126  $750,000  -­‐  $999,999   35   10   78   154  $1,000,000  +   38   7   41   179  

BEND  M

ARKE

T-­‐WIDE  

Thru  Q4  of  Year   2011   2012   2013   2014   2015  %  Change  2014-­‐2015  

Active  Listings   495   439   479   482   416   -­‐13.69%  Total  Sold   1944   2284   2260   2243   2453   9.36%  Average  Sales  Price   253,998   277,167   317,770   344,650   386,359   12.10%  Median  Sales  Price   200,000   231,500   269,000   289,900   327,455   12.95%  Avg  Days  on  Market     146   142   112   122   115   -­‐5.74%  

  Bend Real Estate Market Update | 3

 

   

Bend  Home  Values  Compared   to   this   time   last   year,   market-­‐wide,   the   average   sales   price   increased   12.10%   to  $386,359  and  the  median  sales  price  increased  12.95%  to  $327,455.  What’s  interesting  to  note  is  that   the   median   sales   price   increased   9%   in   the   first   quarter   of   2015   but   only   increased   4%  during  the  remainder  of  the  year.  It’s  too  soon  to  tell  whether  this  signifies  a  slow  down  in  price  appreciation   or   is   simply   reflective   of   the   fact   that   most   of   the   home   sales   occurred   in   the  $250,000  -­‐  $349,999  price  range.  

 

 

 

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.    

 

SALES  BY

 QUAD

RANT   Thru  Q4  2015   NW   SW   NE   SE  Total  Sold   669   404   712   655  Avg  Sales  Price   532,257   445,480   286,037   310,467  Median  Sales  Price   490,000   375,000   272,250   289,000  Avg  Days  on  Mkt   116   111   103   130  

  Bend Real Estate Market Update | 4

 

   

New  Construction  

At   the  end  of   2015   there  were  171  new  homes   for   sale,  making  up  41%  of   the  active   listings.    In   the  MLS,   there   is   a   lot   of   premarketing  being  done   for  new   construction.   Some  of   the  new  construction  in  the  MLS  is  still  under  architectural  review  or  is  pending  final  permit  approval  from  the   city   or   will   be   built   upon   receipt   of   an   acceptable   offer,   but   the   majority   of   the   new  construction  has  been  completed  and  is  move-­‐in  ready.  Of  the  2,453  homes  that  sold,  558  were  new  homes,  accounting   for  22.75%  of  all  home  sales   in  2015.  The  average   sales  price   for  new  construction  was  $375,464  and  the  median  sales  price  was  $318,950.  

 

 

 

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  Broker        

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

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