The BrundageSmith Report - Q2 2015 Bend Real Estate Market Update

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 2nd Quarter 2015 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

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Bend Real Estate Market Update Q2 2015 Welcome to our Bend Real Estate Market Update for the Second Quarter 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 June 30, 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 June 2015, there were 537 single-­‐family homes for sale, 391 pending sales, and 1,138 homes had sold through the second quarter of 2015. Pending home sales reached their highest levels in 9 years. The number of homes sold is up 12.34% from this time last year while inventory is down 16.49%. We currently have just over 2 months of inventory, which is very 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.)

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Bend Home Values Bend, Oregon home values continue to rise. From this time last year, market wide, the average sales price increased 15.65% to $382,417 and the median sales price increased 14.64% to $321,000.

The most home sales occurred in the $250,000 – $299,999 price range with 266 closed transactions, followed by the $200,000 – $249,999 price range with 188 closed transactions.

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Bend Home Values cont…

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. Most home sales this year have occurred in NE Bend where the median sales price is the lowest. Home values on the west side of Bend are highest. The median sales price is $487,000 in NW Bend and $365,500 in SW Bend.

New Construction At the end of Q2 2015 there were 137 new homes for sale, making up 25% 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 1138 homes that sold through Q2 2015, 263 were new homes, accounting for 23% of all home sales. Nationwide, new home sales are at a 6-­‐year high and Bend is no exception.

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New Construction cont…

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