The Beacon Report, based on real estate statistics from our local MLS, released its report of the April 2017 figures—which 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 April 2017 increased by 50 transactions over March 2017 for a total of 220 sales. Not only were more homes sold, but they were sold at a higher price. Median prices increased about 7 percent from the prior year, from $365,000 in April 2016 to $394,000 in April 2017, but down from $396,000 in March 2017. The median price per square foot remained the same at $198 for both March and April 2017, but up from $190 in April 2016.
Sales for April were more evenly distributed among the low, middle and higher 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. That was 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 82 percent of the higher-end sales.
Building permits issued decreased from 73 in April 2016 to 49 in April 2017 and inventory levels continue to remain tight at about 1.5 months. 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.
425 S.E. Roosevelt Ave., Bend, OR 97702
2 beds, 1 bath, 873 square feet, .06 acre lot
Built in 1942
Listed by The Broker Network of Central Oregon
61638 Vega St., Bend, OR 97702
3 beds, 2.5 baths, 2,122 square feet, .17 acre lot
Built in 2006
Listed by Alleda Real Estate
1539 N.W. Summit Drive, Bend, OR 97703
4 beds, 3.5 baths, 4,783 square feet, 1.04 acre lot
Built in 1989
Listed by Premiere Property Group, LLC
Photos and listing info from Central Oregon Multiple Listing Service