At the close of the third quarter of 2015 Bend single
family home sales and median closing prices continue to outpace the the
comparable nine months of 2014.
Moreover, as has been the trend throughout the market
recovery of recent years, availability of homes in the lowest price ranges
continues to shrink. A case in point is
the decrease of more than 73% in
year-to-year sales in the $200,000 to $300,000 range.
Median price of homes on less than 1 acre increased by 13.60%
to $327,750 from $288,500 in the comparable periods of 2014 and 2015.
Other points to note:
·
Overall supply
(inventory) of single family homes on less than an acre available as of Oct. 9
was only 2.43 months, based on average sales of the past 12 months.
·
In the $200,000
to $400,000 price range there were only 246 active listings, translating to to
only 1.61 months of inventory. Markets are considered more balanced with 5-6
months inventory.
·
Although only a
small percentage (1.5%) of all sales, closings of more than $1,000,000 rose to
28 sales from 18 in the same months of 2014, a 55% increase.
Charts below were created
from the MLS of Central Oregon database.
