Bend Home Prices Still Going Up
Will the top of the market come anytime soon? We are often asked that when we work with buyers. The Bend Oregon real estate market has been strong since coming out of the recession and prices have risen yearly since 2011. 2019 has followed the trend with Bend home prices up each month over the same time frame in 2018. Extremely low inventory persists and the demand for Bend homes remains high.
The real estate data on Bend Oregon single family home sales for October 2019 have been published and the following changes can be noted when compared with October 2018:
- Bend homes for sale down 5% to 480*
- Bend homes sold down 1.8% to 221
- Bend homes pended up 21.4% to 221
- Days on market unchanged at 103
- Sold/Original listing price difference down 1.1% to 94%
- Inventory levels unchanged at 2.2 months based on closed sales
- Average price per square foot up 8.7% to $275
- Average active price up 7.6% to $690,000
- Average sold price up 8.6% to $557,000
The Price of a Bend Home The Highest It Has Ever Been
At $275 per square foot, the price of a Bend single family home has never been more expensive. Land prices, development costs, permit fees, the price of materials and labor and overall building costs have escalated so that the price of a new home has to reflect the price to build it. Older homes have increased resale prices partly due to the perceived value in the larger lots on which most of these were built, even taking into consideration remodeling costs and repairs. In addition, basic economics tells us that limited supply with great demand leads to higher prices. With less than 3 months supply of single family homes to purchase for the last 8 years, Bend's growing population has led to higher home prices.
*Data from Central Oregon Multiple Listing Services
