In January, the Bend real estate market saw several decreases common this time of year. Most importantly, the number of Active listings was down: There were 574 Active listings -– 453 Single Family Residential (SFR) and 21 Active Residential With Acreage (RW) listings -– compared to 603 Active SFR and RW listings in December.
Sales were also down quite a bit in January: There were 116 Closed SFR & RW sales, compared to 188 in December. However, the number of sales that were under contract at the end of January was much higher than that of December: 150 Pending transactions, compared to 91 in December. Included in the Closed sales were two RW properties that sold for more than $1 million. The median price of the 99 SFR Closed sales was $267,000. The median price of the 17 Closed RW sales was $480,000.
Which brings us to the current supply of homes for sale in Bend –- or lack thereof. The reality is that there’s very little inventory for most buyers (those spending less than $500,000) to choose from. In fact, overall, there was a paltry 2.4-month supply of Active SFR listings and just a 4.9-month supply of Active RW listings in January. Of the 469 Active SFR listings, just 28 were priced below $200,000, with the $250,000-$299,999 bracket being the most popular by a long shot (118 listings). The most popular price point for Bend’s RW listings was between $450,000-$499,999 (with 13 listings, almost twice that of almost every other RW price bracket). There was just one Active RW listing priced below $250,000.
Here are a few January highlights of the Bend real estate market, based on data provided by MLSCO on Feb. 7, 2014:
Active Residential Listings in Bend: 574 (453 Single Family Residences; 121
Residential with Acreage)
Contingent Residential Sales in Bend: 15 (11 SFR, 4 RW)
Pending Residential Sales in Bend: 150 (134 SFR; 16 RW)
Residential Sales in Bend: 116 (99 SFR; 17 RW)
Average Days on Market: 124 days for Active SFR listings
192 days for Active RW listings
136 days for the SFR listings sold in January
187 days for the RW listings sold in January
Median Sales Price: $324,900 for Active SFR listings
$685,000 for Active RW listings
$267,000 for the SFR listings sold in January
$480,000 for the RW listings sold in January
Single Family Residence: 2.4-month supply (2252 sales in the previous 12 months)
Residential with Acreage: 4.9-month supply (292 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $164,900
Least-Expensive Residential with Acreage Active Listing: $249,900
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 (118 listings)
RW: $450,000-$499,999 (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.