Bend Oregon Real Estate
The Bend real estate market took a huge leap forward in April as the optimists suddenly abound. As the weather warmed, so did the market. We moved from “the worst market in 15 years” to a full blown “seller’s market.”
The NAR considers 6 months of inventory to be a “balanced market.” More than six months is a “buyer’s market;” less than six is a “seller’s market.”
175 Sales in April
175 residential sales in Bend in April; that’s down just a hair from March . . . but still near a six year high.
Other indicators were equally strong. The percentage of distressed sales dropped to just 45% (42 short sales, 36 bank-owned) . . . or just 78 total. As we peer forward into the summer, things also look good. The number of “pended” homes hit 198–that’s even more than last month.
The low end of the market is still on fire. Sales of homes in Bend under $200,000 made up almost 50% of all sales. Though inventory is sorely lacking (see chart above) at just 1.2 months.
Low-priced Leader
No, it’s not another car ad. It’s a “cute Bend home” at a fantastic price–$77,000 ($73 per square foot) for this 3/2, 1048 square foot home, built in 1978.
It purportedly has an open kitchen and granite counters. Sounds perfect! Well, for railroad aficionados for sure.
High End Bend
At the other end of the price spectrum was this stunning single level home in North Rim. The 3227 square foot home has been fully approved, and will start construction soon.
It was priced at $1,200,000 or a whopping $371 per square foot.
Median Price in Bend . . . $205,000
Backing to the canal, the median priced Bend home is “almost like living on the river!” It’s a single level 1846 square foot ($111 per foot), 3 bedroom, 2.5 bath home
that sold for $205,000. The median price for the month was up 4.5% over March . . . still indicative of the low end activity.
What a Difference a Year Makes
In summing things up, one need only look back and compare the figures from April a year ago to those of today.
- There is 13% less inventory (507 to 442)
- Sales are up 22% (143 to 175)
- Pending sales are up 47.8% (134 to 198)
The future is suddenly looking brighter.
