In July, the Bend residential real estate market received a healthy boost in the number of Active listings, in both Single Family Residential (SFR) homes and in Residential With Acreage (RW) properties: a total of 836 Active Residential listings, compared to 748 listings in June. Not surprisingly, all but a few of those new listings were homes listed at $200,000 and above (once again, $250,000-$299,999 was by far the most popular price point for Active listings, with 127 listings; the $350,000-$399,999 was second with 80 Active listings).
Overall, sales were down slightly from June: 257 Closed sales, compared to 261 in June. The bulk of the Closed SFR sales (151 of 235 sales) were between $200,000 and $400,000, while the majority of the Closed RW sales (16 of 22) were between $300,000 and $600,000.
Although there was just one million-dollar sale in Bend during July, it looks like August will be a good month for high-end sales: By the end of July, there were seven million-dollar properties under contract.
The number of sales may be down a bit in Bend, but prices are up. The median sales price for SFR properties sold in July 2014 is $317,500, compared to $292,000 in the previous month and $279,450 in July 2013. Similarly, the median sales price for RW properties sold in July 2014 is $484,000, compared to $414,250 in June 2014 — and $380,000 in July 2013. That’s quite a jump!
Here are a few highlights of the Bend real estate market in July, based on data provided by MLSCO on Aug. 7, 2014:
LISTING ACTIVITY
Active Residential Listings in Bend: 836 (647 Single Family Residences; 189
Residential with Acreage)
Contingent Residential Sales in Bend: 9 (7 SFR, 2 RW)
Pending Residential Sales in Bend: 208 (185 SFR; 23 RW)
Residential Sales in Bend: 257 (235 SFR; 22 RW)
Average Days on Market: 99 days for Active SFR listings
161 days for Active RW listings
98 days for the SFR listings sold in July
181 days for the RW listings sold in July
Median Sales Price: $379,000 for Active SFR listings
$690,000 for Active RW listings
$317,500 for the SFR listings sold in July
$484,000 for the RW listings sold in July
INVENTORY
Single Family Residence: 3.4-month supply (2218 sales in the previous 12 months)
Residential with Acreage: 8.8-month supply (269 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $159,900
Least-Expensive Residential with Acreage Active Listing: $215,000
Most-Expensive Single Family Residence Active Listing: $3,900,000
Most-Expensive Residential with Acreage Active Listing: $9,950,000
Price Point with the Most Active Listings:
SFR $250,000-$299,999 (127 listings)
RW: $650,000-$699,999 (18 listings)
Thinking of making a move to Bend? I’d love to help you find the perfect Central Oregon property. You can reach me by phone or text at (541) 480-0987 or by email.
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.