In November, the Bend residential real estate market continued its seasonal dip in the number of Active listings: down from 662 listings in October to 573 listings in November (by contrast, there were 852 Active Residential listings in August). Sales were also down quite a bit, with 174 Closed sales in November, compared to 233 Closed sales in October.
Along with a decrease in the number of sales was a slight decrease in the median price of those properties that did sell. The median sales price for Single Family Residential (SFR) listings was $294,974, compared to $297,974 in October, while the median sales price for Residential With Acreage (RW) sales was $457,500, compared to $470,000 in October.
The bulk of the SFR sales were between $200,000 and $450,000 (120 of 156 sales), while RW sales were fairly evenly distributed among the price points between $250,000-$299,999 and $850,000-$899,999.
Another decrease involved million-dollar sales — actually, there weren’t any Closed million-dollar sales in November (compared to nine million-dollar sales in October). There were, however, four Pending sales of RW properties listed between $1 million and $2 million.
There was little change in the median price of Active listings: The median sales price of SFR listings was $399,900 (compared to $399,950 in October), while the median sales price of RW listings was $689,000 (compared to 685,000 in October).
Without a doubt, the biggest concern of the Bend market is that potential buyers are seeing fewer and fewer options: The overall supply of Active listings continued to decrease in November, with just a 2.4-month supply of SFR listings (compared to a 2.8-month supply in October) and a 6.1-month supply of RW listings (compared to a a 6.8-month supply in October). (A market is considered to equally favor buyers and sellers when there’s a six-month supply.)
Here are a few highlights of the Bend real estate market in November, based on data provided by MLSCO on Dec. 10, 2014:
LISTING ACTIVITY
Active Residential Listings in Bend: 573 (440 Single Family Residences; 133
Residential with Acreage)
Contingent Residential Sales in Bend: 6 (4 SFR, 2 RW)
Pending Residential Sales in Bend: 141 (119 SFR; 22 RW)
Residential Sales in Bend: 174 (156 SFR; 18 RW)
Average Days on Market: 136 days for Active SFR listings
197 days for Active RW listings
126 days for the SFR listings sold in November
143 days for the RW listings sold in November
Median Sales Price: $365,500 for Active SFR listings
$689,000 for Active RW listings
$294,974 for the SFR listings sold in November
$457,500 for the RW listings sold in November
INVENTORY
Single Family Residence: 2.4-month supply (2218 sales in the previous 12 months)
Residential with Acreage: 6.2-month supply (260 sales in the previous 12 months)
SALES PRICE
Least-Expensive Single Family Residence Active Listing: $129,900
Least-Expensive Residential with Acreage Active Listing: $259,000
Most-Expensive Single Family Residence Active Listing: $2,950,000
Most-Expensive Residential with Acreage Active Listing: $6,600,000
Price Point with the Most Active Listings: SFR $250,000-$299,999 (89 listings)
RW: $550,000-$599,999 & $750,000-$799,999 (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.