The Beacon Report, based on real estate statistics from our local MLS, released its report of the June 2017 figures which allow some interesting comparisons to last month's and last year's Bend single family residence sales of one acre or less.
According to the report, closed sales in Bend for the month of June 2017 increased by 30 transactions over May 2017 for a total of 246 sales as compared to 210 for May 2017. The median sales price increased from $379,000 in May to $409,000 for June. Not only were more homes sold and at a higher 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 4 percent over May. The median price per square foot increased from $204 for May to $213 for June 2017, and up from $193 in June 2016.
Sales for June 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 49 percent of total home sales, followed by the $400,000-$600,000 range at 29 percent. The remaining home sales for the higher end of the market comprised about 22 percent.
Building permits issued decreased from 91 in June 2016 to 70 in June 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.