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Welcome to our Bend Real Estate Market Update for the year 2015. At the end of 2015, there were 416 single-family homes for sale, 313 pending sales, and 2,453 homes had sold. The number of homes sold in 2015 is 9.36% higher than 2014 despite the fact that inventory is 13.69% lower.
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2015 Market Recap
Bend Real Estate Market Update | 2
Bend Real Estate Market Update -‐ 2015 Recap Welcome to our Bend Real Estate Market Update for the year 2015. These statistics are for stick built homes on 1.0 acre or less in Bend zip codes 97701, 97702, and 97703 and do not include manufactured homes, condos, or townhomes. This report uses market data based on transactions that closed from January 1 through December 31, 2015. All statistics come directly from the Central Oregon MLS. The first portion of this report looks at the Bend real estate market in its entirety. Latter sections focus on more specific segments of the market.
Bend Market-‐wide Activity At the end of 2015, there were 416 single-‐family homes for sale, 313 pending sales, and 2,453 homes had sold. The number of homes sold in 2015 is 9.36% higher than 2014 despite the fact that inventory is 13.69% lower. We currently have about 2 months of inventory, which is very low and means we’re still experiencing a seller’s market. (Months of inventory is the time it would take to sell all current listings at the current sales pace if no new listings became available.) The most home sales occurred in the $250,000 -‐ $299,999 price range with 542 closed transactions, followed by the $300,000 -‐ $349,999 price range with 395 closed transactions. A very close third was the $200,000 -‐ $249,999 price range with 384 sales. Nearly 54% of home sales in 2015 occurred in the $250,000 -‐ $349,999 price range.
ALL SA
LES
Price Range Active Pending Sold Avg DOM $100,000 -‐ $249,999 11 42 442 141 $250,000 -‐ $499,999 232 215 1563 113 $500,000 -‐ $749,999 99 39 329 126 $750,000 -‐ $999,999 35 10 78 154 $1,000,000 + 38 7 41 179
BEND M
ARKE
T-‐WIDE
Thru Q4 of Year 2011 2012 2013 2014 2015 % Change 2014-‐2015
Active Listings 495 439 479 482 416 -‐13.69% Total Sold 1944 2284 2260 2243 2453 9.36% Average Sales Price 253,998 277,167 317,770 344,650 386,359 12.10% Median Sales Price 200,000 231,500 269,000 289,900 327,455 12.95% Avg Days on Market 146 142 112 122 115 -‐5.74%
Bend Real Estate Market Update | 3
Bend Home Values Compared to this time last year, market-‐wide, the average sales price increased 12.10% to $386,359 and the median sales price increased 12.95% to $327,455. What’s interesting to note is that the median sales price increased 9% in the first quarter of 2015 but only increased 4% during the remainder of the year. It’s too soon to tell whether this signifies a slow down in price appreciation or is simply reflective of the fact that most of the home sales occurred in the $250,000 -‐ $349,999 price range.
Home values within the Bend city limits varied significantly, particularly from the west side to the east side. The table below includes the average and median sales prices for NW, SW, NE, and SE Bend.
SALES BY
QUAD
RANT Thru Q4 2015 NW SW NE SE Total Sold 669 404 712 655 Avg Sales Price 532,257 445,480 286,037 310,467 Median Sales Price 490,000 375,000 272,250 289,000 Avg Days on Mkt 116 111 103 130
Bend Real Estate Market Update | 4
New Construction
At the end of 2015 there were 171 new homes for sale, making up 41% of the active listings. In the MLS, there is a lot of premarketing being done for new construction. Some of the new construction in the MLS is still under architectural review or is pending final permit approval from the city or will be built upon receipt of an acceptable offer, but the majority of the new construction has been completed and is move-‐in ready. Of the 2,453 homes that sold, 558 were new homes, accounting for 22.75% of all home sales in 2015. The average sales price for new construction was $375,464 and the median sales price was $318,950.
We hope you find this market update useful and informative, and we welcome any questions you
may have. If you are interested in a market update for your neighborhood or any other segment
of the market (e.g. bare land or acreage properties) please contact us for a custom report.
Molly Brundage Principal Broker Cheri Smith Broker
541-‐280-‐9066 | mbrundage@total-‐property.com 541-‐788-‐8997 | csmith@total-‐property.com
Web: www.findbendhomes.com | Blog: buyinbend.wordpress.com