Like March, April was an active month for the Bend real estate market, with another increase in both the number of Active listings (up from 624 in March to 668 in April) and the number of sales (up from 176 in March to 216 in April).
Although the Closed sales did include a million-dollar sale in both the Single Family Residential (SFR) and Residential With Acreage (RW) categories, the bulk of the sales activity was among properties listed below $500,000: 172 of the 194 Closed SFR sales and 16 of the 22 Closed RW sales.
A lack of inventory continues to frustrate buyers: There was just a 2.8-month supply of SFR listings and a 5.9-month supply of RW listings in April, which is just a negligible improvement over March, when there was a 2.7-month supply of SFR listings and a 5.5-month supply of RW listings. Consequently, multiple-offer scenarios are becoming more common, even among the higher-priced listings.
Here are a few highlights of the Bend real estate market in April, based on data provided by MLSCO on May 9, 2014:
Active Residential Listings in Bend: 668 (534 Single Family Residences; 134
Residential with Acreage)
Contingent Residential Sales in Bend: 8 (7 SFR, 1 RW)
Pending Residential Sales in Bend: 219 (194 SFR; 25 RW)
Residential Sales in Bend: 219 (194 SFR; 25 RW)
Average Days on Market: 108 days for Active SFR listings
192 days for Active RW listings
120 days for the SFR listings sold in April
207 days for the RW listings sold in April
Median Sales Price: $369,000 for Active SFR listings
$666,450 for Active RW listings
$280,700 for the SFR listings sold in April
$401,000 for the RW listings sold in April
Single Family Residence: 2.8-month supply (2278 sales in the previous 12 months)
Residential with Acreage: 5.9-month supply (271 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $175,000
Least-Expensive Residential with Acreage Active Listing: $224,999
Most-Expensive Single Family Residence Active Listing: $2,599,000
Most-Expensive Residential with Acreage Active Listing: $9,950,000
Price Point with the Most Active Listings:
SFR $250,000-$299,999 (118 listings)
RW: $650,000-$699,999 (13 listings)
About the Author
Lisa Broadwater, GRI, CDPE, is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Bend and Redmond.