According to the most recent Beacon report, closed sales in Bend for the month of May 2017 decreased by 4 transactions over April 2017 for a total of 216 sales as compared to 220 for April 2017. The median sales price declined from $394,000 in April to $374,000 for May. Not only were fewer homes sold and at a lower median sales price, but they were sold at a higher price per square foot as reflected in the median price per square foot increase of about 7 per cent over April. The median price per square foot increased from $198 for April to $204 for May 2017; up from $190 in May 2016.
Sales for May were mainly among the low and middle price points. The largest share of homes sold were in the $350,000 to $500,000 price range comprising about 36 percent of total home sales, followed by the $100,000-$350,000 range at 35 percent. The remaining home sales for the higher end of the market comprised about 29 percent, with the $500,000-$800,000 price range comprising 80 percent of those sales.
Building permits issued decreased from 75 in May 2016 to 72 in May 2017 and inventory levels continue to remain tight. Most industry analysts feel that a four to six month inventory level is needed for a balanced market that favors neither buyers nor sellers. Most of these analysts are also saying that new construction is not keeping up with housing demand.
LOW
63808 Stanley Way, Bend, OR 97701
2 beds, 2 baths, 1,133 square feet, .13 acre lot
Built in 2005
$275,000
Listed by Exit Realty Bend
MID
296 SE Cessna Dr., Bend, OR 97702
3 beds, 2 baths, 1,560 square feet, .23 acre lot
Built in 2002
$369,500
Listed by Wild River Real Estate
HIGH
3137 N.W. Shevlin Meadow Drive, Bend, OR 97703
4 beds, 2.5 baths, 3,451 square feet, .39 acre lot
Built in 2012
$897,000
Listed by Coldwell Banker Morris Real Estate
Photos and listing info from Central Oregon Multiple Listing Service
