Awbrey  Butte          West  Side            Three  Pines  The   BrundageSmith   Report   Northeast  Bend   Southwest   Bend   Awbrey   Glen  Northwest  Bend  Southeast  Bend  Summit  West   Southern   Crossing   Central   Oregon  Boyd   Acres   River   West   Mountain   View  Larkspur     Orchard   District     Old   Bend  Northwest   Crossing   Skyliner   Summit  West  Side  Broken  Top  Deschutes  Landing  The   BrundageSmith   Report   Mill   Quarter  Three   Pines   Southwest   Bend   Northwest  Bend  West   Hills   Tetherow   Summit  West  The  Parks  @  Broken  Top  Old  Bend  River  West  River  Rim  Larkspur  Orchard  District  Park  Awbrey  Butte  Broken  Top  Northeast  Bend   Northwest   Crossing   Braeburn      River   Rim   The   BrundageSmith   Report                Southwest  Bend  Awbrey  Glen  Northwest  Bend   Southeast   Bend   The  Bluffs   Summit  West   Southern   Crossing   Central   Oregon  Boyd   Acres   River   West   Mountain   View  Larkspur   Orchard   Old   Bend   Northwest  Crossing    Skyliner  Summit    West  Hills  Park    

1st  Quarter  2015  

  Bend Real Estate Market Update | 2

 

   

Molly  Brundage  and  Cheri  Smith  of  the  BrundageSmith  Real  Estate  Team  at  Total  Property  Resources  were  the  top  producing  residential   brokers   in   Central   Oregon   for   the   1st   Quarter   of   2015.    Total   Property   Resources   ranks  among  the  top  10  Bend  Real  Estate  Companies  for  Residential  and  Land  sales  volume  for  1st  Quarter  2015.  

 Bend  Real  Estate  Market  Update  Q1  2015    Welcome   to   our   Bend   Real   Estate   Market   Update   for   the   First   Quarter   of   2015.   These   statistics    are  for  stick  built  homes  on  1.0  acre  or  less  in  Bend  zip  codes  97701  and  97702  and  do  not  include  manufactured  homes,  condos,  or  townhomes.  This  report  uses  market  data  based  on  transactions  that  closed  from  January  1  through  March  31,  2015.  All  statistics  come  directly  from  the  Central  Oregon  MLS.  The  first  portion  of  this  report  looks   at   the   Bend   real   estate   market   in   its   entirety.   Latter   sections   focus   on   more   specific   segments   of   the  market.  

Bend  Market-­‐wide  Activity  At  the  end  of  March  2015,  there  were  451  single-­‐family  homes  for  sale,  419  pending  sales,  and  404  homes  sold  in  the   first   quarter   of   2015.   The  number   of   homes   sold   is   up   3.06%   from   this   time   last   year.  We   currently   have  about   3   months   of   inventory,   which   is   low   and  means   we’re   still   experiencing   a   seller’s   market.   (Months   of  inventory  is  the  time  it  would  take  to  sell  all  current  listings  at  the  current  sales  pace  if  no  new  listings  became  available.)    

 

The  most  home  sales  occurred  in  the  $250,000  -­‐  $299,999  price  range  with  94  closed  transactions,  followed  by  the  $200,000  -­‐  $249,999  price  range  with  71  closed  transactions.  It  is  worth  mentioning  that  11  sales  occurred  over  $1,000,000  compared  to  just  3  sales  in  Q1  2014  and  2  sales  in  Q1  2013.  

 

BEND  M

ARKE

T-­‐WIDE  

Thru  Q1  of  Year   2011   2012   2013   2014   2015  %  Change  2014-­‐2015  

Active  Listings   481   416   378   556   451   -­‐18.88%  Total  Sold   394   424   383   392   404   3.06%  Average  Sales  Price   229,142   237,132   292,130   317,491   380,997   20.00%  Median  Sales  Price   175,600   194,750   250,000   268,070   315,557   17.71%  Avg  Days  on  Market     145   152   127   126   141   11.90%  

  Bend Real Estate Market Update | 3

 

   

Bend  Market-­‐wide  Activity  continued…  

 

 

 

 

 

 

Bend  Home  Values  Bend,  Oregon  home  values  continue  to  rise.  Compared  to  this  time  last  year,  the  average  sales  price   increased  20%  to  $380,997  and  the  median  sales  price  increased  17.71%  to  $315,557.    

 Home  values  within  the  Bend  city  limits  varied  significantly,  particularly  from  the  west  side  to  the  east  side.    

The  table  below  includes  the  average  and  median  sales  prices  for  NW,  SW,  NE,  and  SE  Bend.    

 

ALL  SA

LES  

Price  Range   Active   Pending   Sold   Avg  DOM  $100,000  -­‐  $249,999   48   96   92   113  $250,000  -­‐  $499,999   241   259   245   132  $500,000  -­‐  $749,999   99   45   47   283  $750,000  -­‐  $999,999   31   15   9   188  $1,000,000  +   32   4   11   88  

  Bend Real Estate Market Update | 4

 

   

Bend  Home  Values  continued…  

 

 

   

New  Construction  At   the   end   of   Q1   2015   there   were   156   new   homes   for   sale,   making   up   35%   of   all   active   listings.    In  the  MLS,  there  is  a  lot  of  premarketing  being  done  for  new  construction.  Some  of  the  new  construction  in  the  MLS   is   still   under   architectural   review   or   is   pending   final   permit   approval   from   the   city   or  will   be   built   upon  receipt   of   an   acceptable   offer,   but   the  majority   of   the   new   construction   has   been   completed   and   is  move-­‐in  ready.  Of  the  404  homes  that  sold  in  Q1  2015,  104  were  new  homes,  accounting  for  26%  of  all  home  sales  in  the  first  quarter  of  2015.  Nationwide,  new  home  sales  are  at  a  6-­‐year  high  and  Bend  is  no  exception.    

We  hope  you  find  this  market  update  useful  and  informative,  and  we  welcome  any  questions  you  may  have.   If  you  are  interested  in  a  market  update  for  your  neighborhood  or  any  other  segment  of  the  market  (e.g.  bare  land  or  acreage  properties)  please  contact  us  for  a  custom  report.  

 

        Molly  Brundage  Principal  Broker             Cheri  Smith  Broker        

                  541-­‐280-­‐9066  |  mbrundage@total-­‐property.com                         541-­‐788-­‐8997  |  csmith@total-­‐property.com                

Web:www.findbendhomes.com  |    Blog:  buyinbend.wordpress.com  

SALES  BY

 QUAD

RANT   Thru  Q1  2015   NW   SW   NE   SE  

Total  Sold   107   77   112   107  Avg  Sales  Price   531,156   454,359   264,183   300,045  Median  Sales  Price   450,000   345,000   264,450   272,000  Avg  Days  on  Market   118   154   137   158