Tuesday, 11 December 2018
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Bend Real Estate - November 2018 Trends

Written by Posted On Thursday, 06 December 2018 15:40

Bend Oregon Real Estate Trends Mixed in November 2018

The data has been published and Bend single family home trends show mixed results for November. When Bend home sales from November, 2018 are compared with the sales from November, 2017, the following changes can be seen:

  • Homes for sale down 7.3% to 456
  • Homes sold down 16.7% to 170
  • Homes pended up 4.1% to 153
  • Average price per sq ft up 6.6% to $243
  • Average days on market up 9.6% to 114
  • Average active price up .9% to $663,000
  • Average sold price up 11.7% to $516,000
  • Median sold price up 11% to $433,000
  • Months of inventory up 12.4% to 2.7*

Why are Bend OR Home Sales Slowing?

Closings were down significantly in November which can be contributed to the softening Bend home sales seen earlier in the year; days on market and months of inventory are both up. While sales are slowing, prices continue to rise - which also contributes to slowing home sales.  Have we reached a place in which the asking price for a Bend home is so high that the buyer believes the price is not justified or cannot afford it?  Bend has suffered from a lack of affordable housing for many years, but are we at a point where the asking price is too much for the middle and higher income earner in addition to the lower earner? Mortgage interest rates have been creeping up during 2018 as well which contribute to making homes less affordable for the lower income earner. In addition, the average price of new single family homes being built in Bend is over $580,000, a figure out of reach for many Central Oregon residents.

Bend Oregon Real Estate

 *Data from Central Oregon MLS.  Original blog can be read at Bend Premier Real Estate's blog.

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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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