The Central Oregon Association of Realtors released the third quarter market data this week.
For Bend, the third quarter of 2016 was a seller's market. The number of new listings was down 1.4 percent from one year earlier and the median home price of $379,000 was 8.5 percent higher compared to third quarter 2015. The months of inventory based on closed sales was 3.2 months in September 2016, down from 3.7 months in September 2015.
While all of these numbers indicate a good seller's market, the buyer's market has still been strong. In most areas, the number of new listings was up over the previous year and demand for housing continues to rise. Interest rates have remained low and new mortgage programs with lower down payment requirements have kept the market accessible to first time homebuyers. The typical slowdown for the winter months also eases the inventory and provides more choices to homebuyers.
While there are still serious needs for affordable housing in Bend due to the increased demand for housing by millennials forming new households and our population growth, it's still a good time for both buyers and sellers and the outlook for the next quarter continues to look good.
2040 NE Monroe Ln., Bend, OR 97701
3 beds, 2 baths, 1,372 square feet, .17 acre lot
Built in 1990
Listed by Coldwell Banker Morris Real Estate
61342 Huckleberry Pl., Bend, OR 97702
3 beds, 2.5 baths, 1,863 square feet, .07 acre lot
Built in 2008
Listed by The Broker Network of Central Oregon
2618 NW Three Sisters Dr.,, Bend, OR 97703
3 beds, 3 baths, 3,275 square feet, 1.33 acre lot
Built in 1996
Listed by Strategic Realty LLC