Saturday, 21 October 2017

Bend Real Estate | September 2017 Trends

Written by Posted On Tuesday, 10 October 2017 22:01

Bend Oregon Real Estate Sales Results Remain Mixed

Moving into fall, Bend real estate sales typically trend downward as the weather cools, school starts and tourism drops during the shoulder season between summer and winter. During this time, the frantic pace of summer sales becomes more contained as the buyers with school aged children are no longer looking in large numbers and the bulk of our buyers become retirees, investors or those looking for second homes.

When we compare the September data from 2016 with 2017 for Bend single family home sales on less than an acre, the following changes can be seen:

  • Number of homes for sale up 9%
  • Number of homes sold down 11.6%
  • Number of homes pended up 23%
  • Average price per square foot up 5.9%
  • Average active price up 7.7%
  • Average sold price up 7.6%
  • Months of inventory based on closed sales up 24%*

Bend Real Estate Months of Inventory

This last statistic on the months of inventory is interesting.  A balanced market has 6 months of inventory which is one of several reasons we have seen such a great increase in home values over the past 5 years. And while 3.1 months of supply is a large increase of 24% over the same month a year ago, it is still down significantly over the figures considered balanced.

Those who live in Bend have seen a tremendous increase in new homes being built over the past few years, but the rising prices have also made the town unaffordable for many. And the summer fires made it difficult to show homes. This last may be the reason that 11.6% fewer homes sold in September 2017 than in September 2016, but pending home sales are up 23% - perhaps a direct correlation with the end of the fires and the return to the stunning views we are used to.

Fall Predictions for 2017 Bend Real Estate Sales

Bend remains a destination for many Americans looking for a mid-sized town with outstanding outdoor recreational opportunities, stunning views, and what many consider a great place to raise a family. Economically, the town has mostly recovered from the great recession and the trends appear to reflect a growing real estate market, at least in the near term. The increase in inventory shows more options are available for buyers, but the increase in prices continue to make the town unaffordable for many.

*Data from Central Oregon MLS

Original post can be seen at Bend Premier Real Estate.

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Lynnea Miller

Owner/Managing Principal Broker Bend Premier Real Estate.

Lynnea began her real estate career when her husband became a general contractor in 1994. After years of working with her husband and selling many homes "for sale by builder," Lynnea got her real estate license in 2000 and began working at a local brokerage, first as part time Broker and marketing director for the company, and later as full time office manager/marketing director/transaction coordinator, and then as Principal Broker. In 2010, Lynnea started her own brokerage, Bend Premier Real Estate, with the encourage of her husband and several Brokers.


Prior to real estate, Lynnea worked for 9 years with her husband in the ownership and management of 3 retail Bend, Oregon businesses with up to 35 employees. Before moving to Bend in 1985, Lynnea worked in homeowner association property management, being promoted in the space of 1 year from Customer Service, to Property Manager, to District Manager.

Lynnea graduated from the University of Oregon Summa Cum Laude in 1983 with a Bachelors of Science degree and graduate first in her high school class in 1979. Lynnea and her husband have 3 adult children. Lynnea also teaches fitness classes part time, holding an ACE certification since 1990

https://www.bendpremierrealestate.com

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