Moving into the second half of 2014 the Bend real estate
market is holding steady with unit sales dipping slightly from the comparable
2013 period while prices are up year-to-year.
Statistics gleaned from the Multiple Listing Service of
Central Oregon show there were 1,149 sales of single family homes in Bend
through the first six months of 2014, down 64 from the same period of 2013.
The median price of all single family home sales was
$295,000 at mid-year, up from $275,000 through the first six months of 2013, or
a 7.27% gain.
Total sales volume was $405,463,176 compared with
$394,933,710 in 2013, a 2.6% increase.
A notable trend is the continued strength of the new home
market, with sales of 249 homes constructed in the previous 18 month period of
2014 compared with 241 in the 18 months prior to June 30, 2013. Homes in many
neighborhoods are pre-selling during construction.
The Bend market is also shedding much of the distressed
housing inventory that has plagued Central Oregon for several years.
Of the
total 2,559 single family sales in 2013, only 287, or 11%, were reported as short sales or bank owned
properties. In the depths of the market collapse as many as 50% of sales were
distressed properties.
In
mid-July of 2014 there were 841 active single family home listings and only 25
of those designated as short sales or foreclosures.
The
active inventory of 841 homes on the market represented slightly more than a
4-month supply--as calculated by averaging the previoius 12 months sales of
2,480 homes, or 206 per month.
The
inventory is up from less than a 3-month supply two years ago. While still
considered a “tight” sellers market--especially in the low to mid-price range
below $400,000--the supply is moving up gradually.
