Posts with tag 'Bend Luxury Homes'
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Bend Oregon Real Estate | January 2017 Trends
Bend Home Sales Continue to be Strong
It is with great interest that we reviewed Bend real estate data from January, 2017. This past January has seen some of the most snow on record for Bend, with many school days canceled, roof ice dams common and streets piled with snow which made showing property very difficult. Despite these problems, January 2017 single family residential home sales in Bend under 1 acre remained strong with 4.2% more properties in pending status in January 2017 than were during January 2016. Inventory levels were 19.1% less and 19.8% fewer properties closed, but of the properties available, more entered into contract during our difficult winter weather in 2017 than did in our more temperate weather January 2016.
Bend Home Prices Are Up
Home prices continue to climb with the average price per square foot of January Bend home sales up 4% to $207 per sq...
1
Bend Oregon Real Estate | 2016 Lot Sales
Bend Oregon 2016 Lot Sales Data Show Varied Message
Custom lot sales remain steady in Bend. When lots sold in Bend during 2016 are compared with 2015, the average active asking price is up 5% to $252,000 on all lots an acre or less and the average sold price is up 11.7% to $219,000. The lack of inventory does not appear to be an issue, as there were 6.8% more lots made available for sale in 2016 than in 2015, but 9.7% fewer sold and 14% fewer were pending at the end of 2016 than at the end of 2015. *
Bend Lots Inventory
There does not appear to be a lack of available custom lots in Bend right now. Multiple Listing Service data for 2016 show there were 15.2 months of inventory based on closed sales, which is an increase of 18.7% over 2015.* What appears to be an issue, however, is affordability. Most developed lots in Bend are owned by a handful...
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Bend Oregon Real Estate | Lack of Inventory Remains an Issue
There are many ways to look at real estate trends in Bend, Oregon. Among the most in interesting is to compare sales over the last twelve months with those of the previous year. While the actual numbers of properties sold are up just slightly at 3%, the value of the property is up significantly at 11% on average, with the biggest increase found in the sale of multi-family properties at over 30% followed by commercial buildings at 22%.*
There has been a significant lack of affordable housing in Bend over the last few years with the rental vacancy rate less than 1%. This helps to explain the reason that multi-family properties have increased so much in value. Anyone driving around Bend's eastside will see many new apartment complexes under construction. Hopefully once completed, these new apartments will help ease some of the burden the lack of affordable homes has had for many Bend residents.
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Bend Oregon Real Estate | $500,000 to $1,000,000 Trends
Bend real estate sales traditionally change as we move into fall. Typically, Bend families with children do not actively search for a home while school is in session. Sales slow as we move into the holidays and the demographics of active home buyers who remain in the hunt for the perfect home during this time of year are different than those searching during our peak season.
On Bend Premier Real Estate's home search, we are seeing Bend homes from $500,000 to $1,000,000 top the most searched properties over the past two weeks; during the busy summer season, homes $300,000 and under were the most popular listings. During October, a huge increase of 96.7% in pended sales* in this price range occurred over the year before.
What does this mean for Bend home sales? Based on our experience over decades of work in Bend real estate, we are seeing our trend of strong fall sales continue with the typi...
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Bend Real Estate | Bend Luxury Home Sales Trending Up!
Since the end of the dramatic downturn in the Bend real estate market which happened during the recession, luxury home sales have been trending up. When 3rd quarter 2016 is compared with 3rd quarter 2006 (which was among the strongest quarters pre recession), 25% more million dollar homes have sold with 70% more in contract. Comparing the same period, there are 18% fewer active listings. And a true indicator of recovery comes with builder confidence. The speculative building of million dollar Bend homes is happening again. During 2016, 31 high end homes valued over $1,000,000 have been built with 9 sold and 7 with sales pending.
Should you want to hear more about Bend Oregon new construction, call us today! Any of our Bend Premier agents would be happy to help you.