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Bend, OR Real Estate News

By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Discovery West Is A New Westside Bend Oregon Subdivision Discovery West is the latest subdivision in the NorthWest Crossing area of Bend's Westside. Developed west of Summit High School and with 40 acres of parks with miles of trails, the project offers a variety of housing options, ranging from apartments, town homes, cottages and single-family homes. Discovery West is being built under the "transect" concept of urban development in which the housing density decreases the further out people go from the urban core. The goal with this type of development is to help mitigate wildfire risk and the impact on wildlife.  Discovery West Is Popular With Bend Home Buyers There is a lot of new construction occurring in Discovery West.  As a new subdivision, many contractors are building spec hom...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Exciting Downtown Criterium Races Through Bend Streets  The 38th annual Cascade Cycling Classic is underway right now in beautiful Central Oregon. The CCC is the longest consecutively run elite stage race in the country and has attracted most of North America's top cyclists over the years; Lance Armstrong's won the CCC in 1997. This year is the first time the CCC has the UCI level ranking for the men with the women's race receiving it last year.  The race consists of 5 stages. The Mackenzie Pass 173 km stage one was completed Wednesday, the Skyliners Time Trial of 22.8 km was completed Thursday and today is the 172.8 km Cascade Lakes Road Race traveling through some of the most beautiful scenery in North America. Tomorrow evening is the Downtown Bend Criterium which involves 75 minutes...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend  Oregon Real Estate Trends MixedThe Bend real estate trends from June reflect a changing market.  Although the inventory levels are finally ticking in the right direction, the 2.4 months of Bend single family home inventory now available are still significantly below a balanced market where 6 months of inventory is considered healthy. Bend residents can see the evidence of new home construction throughout the town and when June, 2016 is compared with June, 2017, the 2.4 months is up 14.2%.  Positive movement, but still not where we need to be.However, the trends are mixed when you compare actual sales. Comparing June 2016 with June 2017 Bend home sales provide the following data:* Number of Sold Homes down 1.6% Number of Pended Homes down 3.1% Days on Market down 16% Average Active...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Central Oregon Hikes Not to Miss After the 2016/2017 winter we  experienced in Central Oregon, we have anxiously been waiting to have access to the higher elevations of the Cascades. The record-breaking winter snowfall has kept the higher trails, lakes, and passes closed much longer than normal. However, today we were able to hike one of the first trails into the Central Oregon Cascades and made it up Tumalo Mountain. Located just northeast of Mt. Bachelor, the Tumalo Mountain trail is a moderate up and back trek of 4 miles round trip with 1420 feet of elevation change during the hike. As you gain altitude, views of Mt. Bachelor and its ski runs and lifts become visible. Today it is obvious that it will take more time and warm weather before the hike up Mt. Bachelor will be able to be c...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Are Bend OR Real Estate Trends Changing?Coming out of the record breaking winter Bend had 2016/2017, real estate in Bend appears to be in flux. While prices continue to rise, with the average price per square foot for a Bend home now at $230 which is up 10% from 2016, the numbers of homes which have sold are down 13.8% from the same month in 2016 and the number of homes for sale are also down 2.8%. Inventory levels continue to be low with 2 months supply at all price points based on pended sales, but the average sold price for a Bend single family home is down 3% from the month before So what do these changes mean? Over the past few years we have actively compared Bend home prices with our feeder markets - the Bay Area, Seattle, Portland. And while home prices in these markets remain si...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend OR Single Family Homes for Sale When buyers are searching for Bend single family homes for sale, one of the things they discover quickly is the lack of available inventory. The number of Bend single family homes for sale has been under 3 months of supply for several years, and the number of homes for sale in the lower end is under 2 months. This chart shows the months of supply of Bend homes, breaking the inventory into 5 categories: Bend OR Single Family Homes Sold While the chart above shows the months of inventory, the chart below shows what has actually sold: As you can seen, the greatest interest in Bend homes for sale is the $300,000 to $600,000 price point, although the greatest amount of inventory available is in the $1,000,000 plus category. More homes need to become avail...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend OR Real Estate Prices Continue Upward TrajectoryBend residents who have lived in Central Oregon over the past decade have seen extreme changes in the real estate market. Bend single family home prices escalated during the boom years of 2005-2007 and crashed during the great recession of 2008-2011; the low point for Bend Or real estate was in the winter of 2011. Since this time, Bend housing prices have steadily climbed with roughly 10% gain each year as the market recovered. Today, the prices for Bend homes for sale are back to pre-recession levels with the average asking price for a Bend single family home at $682,000 and the average sold price at $467,000; these figures are 30.9% and 17.6% over the same quarter 2006.*As prices continue to rise, the question needs to be asked "How...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Homes for Sale Homes for sale in Bend continue to increase in price. With the weather finally warming and spring in full bloom, buyers are back and homes are selling. Yesterday, Bend Premier Real Estate Principal Broker Lynnea Miller was interviewed by KTVZ-TV on Bend housing trends. The link following includes portions of the interview:  Bend Housing Prices Lack of inventory continues to be our number one issue which is driving our prices. But, for sellers, it is a prime time to list. Bend homes are now closing in on $460,000 on average with the price per square foot over $220,000.* Bend's home prices are back to pre-recession figures, and as long as people continue to move to Central Oregon, we don't foresee prices stabilizing anytime soon. *Data from Multiple Listing Serv...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Sales Impacted by Winter 1st quarter 2017 Bend real estate data have been published and the results reflect our long winter. According to the Multiple Listing Service of Central Oregon, when 1st quarter 2017 is compared with 1st quarter 2016, the following statistics on Bend Oregon homes on less than 1 acre are noted: Homes listed for sale are down 10.7% Homes sold are down 10.3% Homes pended are down 6.8% A large contributor to this decline in sales was the heavy snow we received. It is hard to show a home when you are walking through thigh high snow to get to the front door. And the damage done to homes through ice dams and roof leaks was a priority to home sellers over getting the home listed. However, since the snow has melted, we are seeing a great increase in Bend real e...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Luxury Homes Sales Show GrowthDuring the recession of 2008-2012, Bend home sales trended toward the low end. Many Bend home buyers in this period were first time home buyers purchasing foreclosed or short sale homes, investors picking up rental properties at value prices, and people moving to the area purchasing Bend homes with cash. The high end luxury market was close to non existent with only one Bend home over $1,000,000 selling in February, 2011.*Five years later, Bend luxury homes sales have recovered. In the last 3 years, pending sales for homes in Bend listed over $1,000,000 on less than one acre show consistent increasing numbers of homes entering into real estate contracts. The chart below clearly identifies the trend for the Bend luxury market.If you were thinking...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Is it Now Time to List Your Bend Oregon Home? After the long, hard winter we experienced in Bend, Oregon this past year, some small signs of spring are at last emerging. We saw these crocuses today breaking through the soil and brightening our dormant yard with their beautiful color. These signs of spring, along with our longer days, make us realize that winter may finally be over; for sellers who were waiting for better weather prior to listing their homes  - now is the time! According to data from Central Oregon MLS, there are less than 2 months supply of single family residential homes in Bend based on pended properties; this includes all homes at all price points. If the $1,000,000 plus properties are taken out of the data, there are under 1.8 months supply. We have buyers looking f...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Land and Lot SalesThere has been a steady increase in lot sales and land value within the Bend Oregon real estate market over the last 5 years. Coming out the great recession, where developed lots could be found at less than $30,000 and long term investors where able to pick up foreclosed, ready to build subdivisions for greatly discounted prices, the cost of available lots for a buyer to purchase and build a custom home has grown considerably. According to data from the Multiple Listing Service of Central Oregon, when a comparison is made for the period March of 2012 to February of 2013 with that of the same 12 months in 2016 to 2017, the average active price of a Bend lot less than 1 acre has gone up 52.4% with the average sold price up 120.8% The active price today of a B...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate | February 2017 Trends February, 2017 statistics have just been published, and it looks like the snow we had during January/February definitely impacted Bend Real Estate. When compared with February 2016, data for Bend single family homes on an acre or less is as follows: Number of homes for sale down 13.8% Number of homes sold down 1.5% Number of homes which entered into contract down 21.4% The average sales price is up 3.5% to $620,000 The average sold price is up 17% to $441,000 The average price per square foot is up 13.1% to $224,000, the highest figure in 5 years. There are 2 months of inventory based on pended sales** Our common theme over the past few years continues - lack of inventory. During the heavy snow, it was very difficult to show homes, and many...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Sales Continue to be StrongIt 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 UpHome prices continue to climb wi...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon 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 affordabili...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Real Estate Sales Show Growth 2016 was a year of continued real estate growth in Bend. When 2015 data is compared with 2016, the average sales price of a Bend single family home was up 12.5% with the average sold price up 9.3%.  There were 3.4% more homes sold in 2016 than in 2015 with 6.9% fewer properties available for sale. This has aggravated our lack of inventory and continues to push prices up. The average single family Bend home sold for $386,000 in 2015 and in 2016 it sold for $422,000.* Lack of Bend Housing Inventory Remains an Issue In late 2015, the expansion of Bend's urban growth boundary was finally approved. This need for additional development land has existed for over 10 years and finally the city was granted permission to increase Bend's size - but not by the 10,0...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
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 ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Residential home sales remain solid in Bend. Data from November, 2016, reflect a strong real estate market moving into winter. The average price per square foot for sold Bend homes is almost 11% higher than November, 2015.  Although there is a seasonal slow down and less inventory than during October, the average sold price is up almost 12% over a year ago with 36% more homes sold during November 2016 than November 2015.*Interest rates on home mortgages have inched up a bit, so it remains to be seen how this will impact Bend home sales moving into 2017. Although still historically very low, the interest rate increase may make a difference to the lower end buyer where small changes in their monthly expenses can determine whether or not they can afford a home. For the higher end, lack of ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Premier Real Estate has decided to move forward into 2017 with a television advertising campaign featuring a lifestyle ad. The campaign is "Life's Greatest Moments Begin at Home." We are excited to see what kind of response we get from the ad, but the initial feedback has been positive. Let us know what you think!Life's Greatest Moments Begin at HomeIf you are thinking about buying or selling real estate in Central Oregon, please contact us at 541-323-2779 or visit our website at Bend Premier Real Estate.
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
We have been blessed in our local Bend Oregon real estate market over the last few years to be in a growing community with escalating prices and strong buyer demand. Multiple offers and closed sales over asking price are common.  However, when the market is like this, seller expectations often become unrealistic and inflexible which can create frustration for both the client and the real estate agent.Some common issues we are experiencing with listings include: Seller pricing above market Seller demanding open houses every weekend Seller demanding expensive print marketing Seller dictating marketing outside of normal real estate practices because they were in sales in an earlier time and that is how you sell Once the home is in contract, we are seeing an unwillingness to negotiate repai...
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Inflated Vacant Land Prices - Vegas Bob Shocked What could possibly be going on in the United States that land owners would put price tags on vacant land that is totally out of this world.Robert Vegas Bob Swetz has been purchasing vacant land across the nation for 30 years now, way before he became licensed as a agent.Last evening I started surfing vacant land in different states, from Oregon, Utah, Nevada, Arkansas, Idaho, Washington state, Montana just to name a few and (did not) even surf California.20-10-5 acre pieces of property for $300, $400, $500K on up to $1 million dollars plus.Who the hell is listing this vacant land for these prices? And who the hell is paying these prices for this vacant land.Are you people out of your minds?And if you have this type of money to waste pleas...
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