When it came to most facets of the real estate market, Bend saw only minimal changes in May: The number of Active listings increased slightly (up from 668 in April to 673 in May). The number of Closed sales increased slightly (up from 219 in April to 222 in May). The median price for Active listings increased slightly (for Single Family Residential (SFR) listings, it was up from $369,000 in April to $375,000 in May). And the average Days on Market (DOM) for Active listings decreased slightly (for Active SFR listings, it was down from 108 DOM in April to 105 DOM in May; for Active RW listings, it was down from 192 DOM in April to 187 DOM in May. In other words, improvement on a small scale pretty much across the board.
Like April, the most popular price point for Active SFR listings by far was the $250,000-$299,999 bracket (with 102 listings, compared to the second-place finisher, $350,000-$399,999 (with 53 listings). When it came to RW listings, the $600,000-$649,999 and $650,000-$699,999 brackets tied for most popular, with 13 listings, while a handful of other price ranges under $900,000-$949,999 tied for second place (with 10 listings each).
As for sales activity, the bulk of the Closed SFR sales were below $500,000 (170 of the 192 sales). The majority of the Closed RW sales, on the other hand, were above $500,000 (20 of the 30 Closed sales). And included in the mix were a handful of million-dollar sales: two in Awbrey Butte, one in Pronghorn, one in the Highlands at Broken Top and one in Deschutes River Ranch).
One final positive note: We saw a slight increase in the overall inventory, for both SFR listings and RW listings.
Here are a few highlights of the Bend real estate market in May, based on data provided by MLSCO on June 11, 2014:
LISTING ACTIVITY
Active Residential Listings in Bend: 673 (531 Single Family Residences; 142
Residential with Acreage)
Contingent Residential Sales in Bend: 8 (6 SFR, 2 RW)
Pending Residential Sales in Bend: 218 (194 SFR; 24 RW)
Residential Sales in Bend: 222 (192 SFR; 30 RW)
Average Days on Market:
105 days for Active SFR listings
187 days for Active RW listings
106 days for the SFR listings sold in May
165 days for the RW listings sold in May
Median Sales Price:
$375,000 for Active SFR listings
$678,950 for Active RW listings
$297,000 for the SFR listings sold in May
$532,500 for the RW listings sold in May
INVENTORY
Single Family Residence: 2.9-month supply (2271 sales in the previous 12 months)
Residential with Acreage: 6.3-month supply (270 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $175,000
Least-Expensive Residential with Acreage Active Listing: $224,999
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 (102 listings)
RW: $600,000-$649,999 & $650,000-$699,999 (each with 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.