In February, the Bend real estate market saw several subtle changes from the previous month. The number of Active listings was down slightly, the number of days on market (DOM) was up slightly and the number of overall sales was up.
Perhaps the most noteworthy aspect of February sales activity in Bend was the number of high-end transactions. Although all eight of the Closed Residential with Acreage (RW) sales were below $600,000, there were six Closed Single Family Residential (SFR) sales above $600,000, including a sale on Awbrey Butte of $1,325,000.
Meanwhile, there were five additional million-dollar transactions Pending by the end of February — three SFR listings and two RW listings.
Not surprisingly (since the number of Active listings was down in February and the number of sales was up), the already extremely short supply of properties for sale in Bend decreased even further. In February, there was a 2.3-month supply of SFR listings and a 4.7-month supply of RW listings. (A six-month supply of listings is the typical indicator of a balanced market.)
Here are a few February highlights of the Bend real estate market, based on data provided by MLSCO on March 9, 2014:
LISTING ACTIVITY
Active Residential Listings in Bend: 565 (441 Single Family Residences; 124
Residential with Acreage)
Contingent Residential Sales in Bend: 5 (3 SFR, 2 RW)
Pending Residential Sales in Bend: 157 (142 SFR; 15 RW)
Residential Sales in Bend: 140 (132 SFR; 8 RW)
Average Days on Market: 129 days for Active SFR listings
197 days for Active RW listings
116 days for the SFR listings sold in February
173 days for the RW listings sold in February
Median Sales Price: $339,950 for Active SFR listings
$700,000 for Active RW listings
$271,473 for the SFR listings sold in February
$379,000 for the RW listings sold in February
INVENTORY
Single Family Residence: 2.3-month supply (2278 sales in the previous 12 months)
Residential with Acreage: 4.7-month supply (319 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $139,900
Least-Expensive Residential with Acreage Active Listing: $224,900
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 (107 listings)
RW: $400,000-$449,999 & $1,000,000-$1,249,999 (each w/11 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.