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Local Housing Inventory Declines

Putting Pressure on Housing Prices

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The Beacon Report, which is based on real estate statistics from our local Multiple Listing Service, recently came out with February 2017 figures. This allows some interesting comparisons to last year's Bend single-family residence sales of 1 acre or less.

According to the report, closed sales in Bend for the month of February 2017 increased by only five transactions over February 2016. Not only were more homes sold, but they were sold at a higher price—as reflected in the median price increase of about 6.6 percent from the prior year, from $332,000 in February 2016 to $354,000 in February 2017.

The largest share of homes sold was in the $100,000 to $350,000 price range, comprising about 48 percent of total home sales. Another 30 percent of home sales fell in the range of $350,000 to $500,000. The remaining home sales for the higher end of the market comprised about 22 percent of the remaining market, with the $500,000-$800,000 price range comprising 19 percent of those sales.

Meanwhile, the inventory level declined to about 1.5 months. The graph report shows that the biggest declines in available inventory were in the under-$287,999 price range, with a decline of 37.4 percent from March 1, 2016, to March 1, 2017, and a decline of 46.1 percent from 2015 to 2016. The lower end inventory decline is significant while the higher end of the market has pretty much held steady during the same period. Most industry analysts feel that a four-to-six month inventory level is needed for a balanced market that favors neither buyers nor sellers. As should be obvious, most of these analysts are also saying that new construction is not keeping up with housing demand.

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LOW

21142 Thomas Dr., Bend, OR 97702

2 beds, 1 bath, 600 square feet, .0974 acre lot

Built in 2017

$249,990

Listed by New Home Star Oregon, LLC.

MID

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60965 Grayson Way., Bend, OR 97702

3 beds, 2.5 baths, 1,804 square feet, .16 acre lot

Built in 2003

$379,000

Listed by Coldwell Banker Morris Real Estate

HIGH

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143 NW Champanelle Way, Bend, OR 97703

3 beds, 3.5 baths, 3,125 square feet, .32 acre lot

Built in 2005

$1,145,000

Listed by Windermere Central Or. Real Estate

Photos and listing info from Central Oregon Multiple Listing Service


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