Bend, Oregon Real Estate Market Report for October 2014

In October, the Bend residential real estate market saw the expected seasonal dip in new listings, which actually decreased quite a bit — down from 784 Active listings in September to 662 Active listings in October (517 Single Family Residential listings and 145 Residential With Acreage listings). There wasn’t, however, a commensurate dip in sales; quite the contrary: Sales increased from 209 in September to 233 in October.
The biggest surge in Closed sales were among Single Family Residential (SFR) listings, up from 188 Closed sales in September to 207 Closed sales in October.  The bulk of those sales were between $200,000 and $400,000 (147 of 207 sales); the mix also included an impressive nine million-dollar sales.
Along with the increase in SFR sales came an increase in the median sales price: up from $282,462 in September to $297,500 in October. Meanwhile, although there was a slight increase in the number of Closed Residential With Acreage (RW) sales, the median price for the RW properties sold in October decreased from the previous month ($470,000, compared to $510,000).
And it looks like buyers will need to be quick decision-makers this winter. With the number of new listings dwindling and sales still strong, the inventory is disappearing. By the end of October, there was just a 2.8-month supply of Active SFR listings and a 6.8-month supply of Active RW listings. That means it’s likely that competition for the few listings available will be fierce. So Bend buyers, take note: It’s imperative to consult with a mortgage professional before beginning your house hunt or risk losing out on a home to a pre-approved buyer.
Here are a few highlights of the Bend real estate market in October, based on data provided by MLSCO on Nov. 10, 2014:
LISTING ACTIVITY
Active Residential Listings in Bend:  662 (517 Single Family Residences; 145
Residential with Acreage)
Contingent Residential Sales in Bend:  9 (7 SFR, 2 RW)
Pending Residential Sales in Bend: 164 (147 SFR; 17 RW)
Residential Sales in Bend: 233 (207 SFR; 26 RW)
Average Days on Market: 120 days for Active SFR listings
    186 days for Active RW listings
    133 days for the SFR listings sold in October
    144 days for the RW listings sold in October
Median Sales Price:  $369,900 for Active SFR listings
    $685,000 for Active RW listings
    $297,500 for the SFR listings sold in October
    $470,000 for the RW listings sold in October
INVENTORY
Single Family Residence:  2.8-month supply (2225 sales in the previous 12 months)
Residential with Acreage: 6.8-month supply (256 sales in the previous 12 months)
SALES PRICE
Least-Expensive Single Family Residence Active Listing: $129,900
Least-Expensive Residential with Acreage Active Listing: $210,000
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 (103 listings)
   RW: $750,000-$799,999 (16 listings) & $550,000-$599,999 (15 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.