For a buyer seeking a high-end single family home on the
market at more than $1 million in Bend there are ample choices.
But if something “affordable” from $200,000 to $400,000 is more
budget friendly to a buyer, then supply is thinner and the competition stiffer.
For all of 2015 there were 59 sales of single family
homes in the greater Bend MLS area, including Tumalo to the west and Alfalfa to
the east, on all lot sizes-- with a top sale at $2,150,00 and median sale price
of $1,225,000. The “luxury” homes were on the market for a median of 105 days.
A 12-month average of 6.66 homes were sold at more than
$1 million in 2015. As of mid-January 2016 there were 80 listings in that price
range, or a 12 month inventory.
Generally that hefty inventory would signal a buyers market.
However, in that upper price segment
buyers can be more picky than in the lower tier, with some opting to buy
a lot and build to their specific criteria.
On the lower end of the spectrum there were 1,747 sales
in a range of $200,000 to $400,000 last year, at a median of $291,180 in that
price segment.
Those homes were on the
market a median of 80 days.
And by mid-January there was a scant 1.25 months supply
in the lower price range, an unequivocal signal of a robust sellers market that
often results in competitive bidding among buyers.
Some other key
points in the 2015 numbers:
- More than 75% of all Bend single family homes sold--on all lot sizes-- in 2015 were in the $200,000 to $499,000 price range.
- There was a significant rise of 44% to 535 Bend homes sold in the $500,000 to $1,000,000 range from 2014 to 2015.
- There were only two sales of more than $2,000,000 in Bend, although that doubled the one sale in 2014 in that range. Altogether million plus sales in Bend are only 2.12% of all homes sold.
- Total Bend sales volume topped $1 billion for the first time since 2006, an increase of 22.45% to $1,129,639,100 in 2015 from $915,202,284 in 2014.
- At $340,000 the 2015 price of a median family Bend home on all lot sizes has climbed to within $25,000 of the $365,000 median price at the market peak for 2006.
- Short sales and foreclosures in Bend have dropped to only 4.57% of all sales, a continued decline from a peak in 2009 when more than 57% of sales were distressed properties and the period of 2008 through 2011 when that segment topped 50% of all sales.
Previous post for all Central Oregon sales
A Groundhog Day market - more of the same for 2015 Central Oregon real estate
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| Source: MLS of Central Oregon |
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| Source: MLS of Central Oregon |
