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2014  Market  Recap  

  Bend Real Estate Market Update | 2

 

   

Bend  Real  Estate  Market  Update  -­‐  2014  Recap  Welcome   to   our   Bend   Real   Estate   Market   Update   for   the   year   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  December  31,  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  2014,  there  were  482  single-­‐family  homes  for  sale,  212  pending  sales,  and  2,243  homes  sold  in  2014.  The  number  of  homes  sold  is  down  0.75%  from  this  time  last  year  but  there  were   only   17   fewer   sales.  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   $200,000   -­‐   $249,999   price   range   with   533   closed   transactions,  followed  by  the  $250,000  -­‐  $299,999  price  range  with  436  closed  transactions.  

 

ALL  SA

LES  

Price  Range   Active   Pending   Sold   Avg  DOM  $100,000  -­‐  $249,999   68   56   756   106  $250,000  -­‐  $499,999   275   132   1184   113  $500,000  -­‐  $749,999   76   16   225   152  $750,000  -­‐  $999,999   35   5   50   153  $1,000,000  +   26   3   28   198  

 

BEND  M

ARKE

T-­‐WIDE  

Thru  Q4  of  Year   2010   2011   2012   2013   2014  %  Change  2013-­‐2014  

Active  Listings   531   495   439   479   482   0.63%  Total  Sold   1719   1944   2284   2260   2243   -­‐0.75%  Average  Sales  Price   260,525   253,998   277,167   317,770   344,650   8.46%  Median  Sales  Price   202,250   200,000   231,500   269,000   289,900   7.77%  Avg  Days  on  Market     150   146   142   112   122   8.92%  

  Bend Real Estate Market Update | 3

 

   

Bend  Home  Values  Bend,  Oregon  home  values  continue  to  rise.  Compared  to  this  time   last  year,  market-­‐wide,  the  average  sales  price  increased  8.46%  to  $344,650  and  the  median  sales  price  increased  7.77%  to  $289,900.  

   

 

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  2014   NW   SW   NE   SE  

Total  Sold   589   423   665   551  Avg  Sales  Price   478,848   383,346   254,729   282,291  Median  Sales  Price   445,000   330,000   241,500   260,547  Avg  Days  on  Mkt   123   107   122   112  

 

  Bend Real Estate Market Update | 4

 

   

New  Construction  

At   the  end  of   2014   there  were  193  new  homes   for   sale,  making  up  40%  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  2,243  homes  that  sold,  532  were  new  homes,  accounting  for  24%  of  all  home  sales  in  2014.  Nationwide,  new  home  sales  soared  to  a  6-­‐year  high  in  2014  and  Bend  was  no  exception.    

 

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