As
the first six months of 2016 came to a close Bend’s real estate market marked a
milestone as the median sale price of a single family home hit $370,000, $5,000 above the all-time high of $365,000 recorded in 2006 before the
recession collapse.
And
a look back five years to the depth of the slump reveals Bend has rebounded
more than 55% since the end of 2011 when the median cost of a single family
home had dropped to $200,000 after the 2006 peak.
Also
indicating demand for housing, new homes sold as a percentage of all sales rose
to 23.26% in the first six months of 2016, compared with only 12.54% in all of
2012 as the market began to recover. At the market bottom in 2011, new homes
sold acconted for only 7.45% of total single family sales. (*New homes are
defined as those completed and sold within a two-year period).
Other
points of interest in the mid-year 2016 statistics, as shown in the
accompanying chart:
- Although only a small slice of all Bend sales, homes that closed at more than $1 million in the first six months of 2016 grew to 3.18% (43 units) against 2.07% (27 units) in the same six months of 2015.
- Sales of homes in the $200,000 to $299,999 range decreased by 23.21% year to year as prices moved upward.
- The largest gain in any range of $100,000 was in the $600,000 to $699,000 category, with a 71.19% boost in unit sales.
