he Beacon Report, which is based on real estate statistics from our local MLS, released its report of the August 2017 figures which allow some interesting comparisons to last month's and 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 August 2017 increased by three transactions over July 2017, for a total of 246 sales as compared to 243 for July 2017. The median sales price increased slightly from $413,000 in July to $414,000 for August. Not only were more homes sold and at a higher median sales price, but they were sold at a lower price per square foot as reflected in the median price per square foot decrease of about 3.9 percent from July. The median price per square foot decreased from $229 for July 2017 to $220 for August 2017, and up from $201 in August 2016.
Sales for August were mainly among the low and middle price points. The largest share of homes sold were in the $100,000 to $400,000 price range, comprising about 47.5 percent of total home sales, followed by the $400,000-$600,000 range at 32.5 percent. The remaining home sales for the higher end of the market comprised about 20 percent.
Building permits issued decreased from 75 in August 2016 to 60 in August 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.