June was a busy month for the Bend residential real estate market. Sales increased significantly (up from 222 in May to 261 in June), and the number of Active listings also increased notably (up from 673 in May to 748 in June). Almost half of the Closed sales of Single Family Residential (SFR) listings were between $200,000 and $350,000 (127 of the 233 sales), while half of the Residential with Acreage (RW) sales were between $250,000 and $400,000 (14 of 28 sales).
Among Active listings, the $250,000-$299,999 price range remains the clear favorite with SFR sellers (108 listings), while there is no overwhelming favorite for RW sellers (the top five brackets — $650,000-$699,999, $600,000-$649,999, $550,000-$599,999, $450,000-$499,999 and $1,250,000-$1,499,999, respectively –- were separated by just a handful of listings (16 compared to 12).
Despite the heated market, there were no Closed or Pending million-dollar sales among SFR listings; however, there were two million-dollar sales (one Closed and one Pending) among RW listings.
Meanwhile, inventory continues to creep up, ever so slightly. That being said, the number of available SFR listings is still pretty paltry: There’s just a 3.1-month supply (compared to a 2.9-month supply in May). Buyers in the market for a home on acreage have a healthier selection of options: a 7.7-month supply of Active listings (compared to a 6.3-month supply in May).
Here are a few highlights of the Bend real estate market in June, based on data provided by MLSCO on July 10, 2014:
Active Residential Listings in Bend: 748 (576 Single Family Residences; 172
Residential with Acreage)
Contingent Residential Sales in Bend: 5 (5 SFR, 0 RW)
Pending Residential Sales in Bend: 196 (176 SFR; 20 RW)
Residential Sales in Bend: 261 (233 SFR; 28 RW)
Average Days on Market: 104 days for Active SFR listings
166 days for Active RW listings
108 days for the SFR listings sold in June
141 days for the RW listings sold in June
Median Sales Price: $379,450 for Active SFR listings
$692,000 for Active RW listings
$297,000 for the SFR listings sold in June
$414,250 for the RW listings sold in June
Single Family Residence: 3.1-month supply (2218 sales in the previous 12 months)
Residential with Acreage: 7.7-month supply (269 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $179,900
Least-Expensive Residential with Acreage Active Listing: $206,900
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 (108 listings)
RW: $650,000-$699,999 (16 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.