In December, the Bend residential real estate market once again saw a decline in the number of both Single Family Residential (SFR) and Residential With Acreage (RW) listings — down from 573 listings in November to 530 listings in December. Although that monthly dip doesn’t seem all that dramatic at first glance, it does seem notable when compared to last year at this time, when there were 808 Active Residential listings — a much-healthier number of options for would-be buyers.
Meanwhile, although the number of Active listings decreased quite a bit, the number of Closed sales actually increased in December — up from 174 sales in November to 188 in December. However, it looks like January may see a downturn: The number of Pending sales under contract at the end of month decreased significantly — down from 141 in November to 75 in December.
By far, the majority of the Closed SFR sales were below $500,000 (149 of 169 sales). Almost half of RW sales, on the other hand, were above $550,000 (eight of 19 sales). Included in the sales mix were one SFR and two RW sales above $1 million.
The already meager inventory of homes (calculated in the number of months it would take to sell the current homes on the market at the current rate of sales) decreased once again — down from a 2.4-month supply of SFR listings in November to a 2.2-month supply in December and down from a 6.1-month supply of RW listings in November to a 5.2-month supply. Buyers looking for bargains will be particularly hard-pressed: In December, only eight of the 419 Active SFR listings were below $200,000 and only three of the 111 Active RW listings were below $300,000.
Here are a few highlights of the Bend real estate market in December, based on data provided by MLSCO on Jan. 13, 2015:
Active Residential Listings in Bend: 530 (419 Single Family Residences; 111
Residential with Acreage)
Contingent Residential Sales in Bend: 2 (1 SFR, 1 RW)
Pending Residential Sales in Bend: 75 (64 SFR; 11 RW)
Residential Sales in Bend: 188 (169 SFR; 19 RW)
Average Days on Market: 142 days for Active SFR listings
204 days for Active RW listings
142 days for the SFR listings sold in December
175 days for the RW listings sold in December
Median Sales Price: $354,900 for Active SFR listings
$700,000 for Active RW listings
$290,000 for the SFR listings sold in December
$500,000 for the RW listings sold in December
Single Family Residence: 2.2-month supply (2240 sales in the previous 12 months)
Residential with Acreage: 5.2-month supply (254 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $129,900
Least-Expensive Residential with Acreage Active Listing: $259,000
Most-Expensive Single Family Residence Active Listing: $2,950,000
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: SFR $250,000-$299,999 (84 listings)
RW: $750,000-$799,999 (12 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.