Central Oregon real estate at year-end 2016: Steady growth, same trends

            Wrapping up 2016 there are no big surprises in the Bend and Central Oregon real estate market.

            The inventory of single family homes available for sale in Bend and all of the region remains tight and median prices have continued a double digit rise for another year.

Bend's up... down... and up market

            Based on average monthly sales for the previous 12 months MLS of Central Oregon statistics show a 1.96 months supply of active single family listings. For all of the region the inventory is 2.35 months.

            A balanced market is considered a supply of 5-6 months, putting the demand side well ahead of supply in the year-end market equation.

Price trends by price segments

            In the Bend market area—which MLSCO also includes Tumalo and Alfalfa—there were 2,583 sales of single family homes on all lot sizes, up less than 100 from 2015. But the median price rose to a record $375,000, 10.29% more than 2015. In 2015 prices were ip 12.03% over 2014.

            The next largest sub-market in Redmond also saw a small rise in single family sales, less than 100, to 1,264 closings. However, Redmond median prices rose even more than Bend, up 14.30% from year-end 2015, following a 12.20% increase in 2015 from 2014. Inventory in Redmond was only 1.81 months at year end.

            Together the Bend and Redmond sub-markets comprised more than 76% off all single family sales reported by the MLS.

Single family prices in regional sub-markets

            Throughout all of Central Oregon there were 5,390 single family sales at a median price of $327,975, a jump of 11.17% from the $295,000 median reported for 2015.

Note: totals in any category or for the region may vary slightly due to rounding and the specific day within a week of year-end in which the statistics were derived.