The Beacon Report, based on real estate statistics from our local MLS, released its report of the September 2017 figures—allowing us to compare last month's and last year's Bend single family residence sales of 1 acre or less.
Closed sales in Bend for the month of September 2017 decreased by 40 transactions over August 2017, for a total of 206 sales as compared to 246 in August. The median sales price increased slightly from $414,000 in August to $418,000 for September. Not only were fewer 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 1.8 per cent from August. The median price per square foot decreased from $220 for August 2017 to $216 for September 2017, and up from $201 in September 2016.
Sales for September 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 45 percent of total home sales, followed by the $400,000-$600,000 range at about 32 percent. The remaining home sales for the higher end of the market comprised about 23 percent.
Building permits issued decreased from 94 in September 2016 to 66 in September 2017 and inventory levels continue to remain tight. 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.