March was an active month for the Bend real estate market, with an increase in both the number of Active listings and the number of sales.
However, although the number of Active listings is on the rise (up from 565 listings in February to 624 listings in March), the overall inventory of homes for sale in Bend is still rather paltry, especially among Single Family Residential (SFR) listings –- there’s just a 2.7-month supply. The supply of Residential With Acreage (RW) listings is a bit better, but at 5.5 months, it’s still below the six-month mark generally considered to be a balanced market (one that equally favors buyers and sellers).
Much of the sales activity fell within the mid-range properties, with 73 of the 156 Closed SFR sales between $200,000 and $300,000 and 10 of the 20 Closed RW sales between $250,000 and $450,000. Like February, there was also a handful of Closed sales above the million-dollar mark (two SFR sales and three RW sales), with four more million-dollar sales Pending (two in each category).
As for Active listings, the median price of both SFR and RW properties saw little change from February, with $339,975 for SFR listings (compared to $339,950 in February) and $699,450 for RW listings (compared to $700,000 in February).
Here are a few March highlights of the Bend real estate market, based on data provided by MLSCO on April 11, 2014:
Active Residential Listings in Bend: 624 (502 Single Family Residences; 122
Residential with Acreage)
Contingent Residential Sales in Bend: 9 (8 SFR, 1 RW)
Pending Residential Sales in Bend: 184 (165 SFR; 19 RW)
Residential Sales in Bend: 176 (156 SFR; 20 RW)
Average Days on Market: 116 days for Active SFR listings
203 days for Active RW listings
124 days for the SFR listings sold in March
134 days for the RW listings sold in March
Median Sales Price: $339,975 for Active SFR listings
$699,450 for Active RW listings
$269,950 for the SFR listings sold in March
$391,800 for the RW listings sold in March
Single Family Residence: 2.7-month supply (2270 sales in the previous 12 months)
Residential with Acreage: 5.5-month supply (267 sales in the previous 12 months)
Least-Expensive Single Family Residence Active Listing: $184,900
Least-Expensive Residential with Acreage Active Listing: $282,000
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 (122 listings)
RW: $650,000-$699,999 (14 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.