The Beacon Report, based on real estate statistics from our local MLS, released its report on July 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 July 2017 decreased by three transactions over June 2017, for a total of 243 sales as compared to 246 for June 2017. The median sales price increased from $409,000 in June to $413,000 for July, Not only were fewer 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 7.5 percent over June. The median price per square foot increased from $213 for June to $229 for July 2017, and up from $191 in July 2016.
Sales for July 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 48 percent of total home sales, followed by the $400,000-$600,000 range at 35 percent. The remaining home sales for the higher end of the market comprised about 17 percent.
Building permits issued increased from 66 in July 2016 to 80 in July 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.
