How’s
the Bend real estate market performing going into the final quarter of 2016?
In
short, more of the same as prices for single family homes continue to move
upward over the year while inventory holds steadily tight even with
considerable new construction throughout town.
As
of September 30 the median price of a single family home had climbed to
$374,000, $4,000 over the six-month mark June 30 and $34,000, or 10% more than
year-end 2015.
As noted in a post at the halfway 2016
mark the median price jumped ahead of the previous “boom” high of $365,000 reached
for the entire year of 2006.
The
escalating price trend is especially evident in ranges below $300,000, where
the number of sales in the $100,000 to $300,000 segment declined by nearly 30%,
while sales from $400,000 to $500,000 increased
more than 13%.
There
were also notable increases in higher price ranges, 44% in the $600,000 -
$700,000 range; 31%, $700,000 - $800,000; and 50%, $800,000 - $900,000. And,
sales at more than $1,000,000 rose by more than 47% for comparable nine-month
periods.
But
all told unit sales of homes on all sized lots rose only slightly, by 1.78% and
on September 30 inventory as calculated by average 12-month sales was only 2.83
months, maintaining a consistent tight market that has not exceeded three-month
supply for several years.
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| Source: custom analysis of MLSCentral Oregon data |
