Bend, OR Real Estate News

By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate Sales Are Strong Spring has arrived in Central Oregon and homes are selling! After a series of months in which Bend home sales had dropped while prices continued to rise, May 2019 has provided a 180 degree turn around. The number of Bend homes for sale jumped 34.8% and the number of homes sold rose 29.9% from April, 2019. After an unusual winter with late heavy snow, overcast skies and heavy rain in April, sellers decided at last that May, with the sun out and longer days, was a great time to list.  When May 2019 is compared with May 2018 for Bend single family homes on less than an acre, the following changes can be noted: Homes for sale are down 1.3% to 535 Homes sold are up 2.2% to 230 Homes pended are up 11.6% to 269 The average price per square foot is up 9....
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
June 2019 Spotlight on Local Business   Bend Premier Real Estate is thrilled to be named First Interstate Bank in Downtown Bend's featured local business for June 2019.  When visiting the bank at the corner of Greenwood and Wall Street, be sure to check out our display! And say hello to all the friendly people who work at First Interstate Bank while there! Original blog can be read at Bend Premier Real Estate's website.
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Premier Real Estate to be Title Sponsor Bite of BendFor the second year in a row, Bend Premier Real Estate is the Title Sponsor for Bend's premier food festival - Bite of Bend. This 3 day festival is for all Bendites who love to eat! There will be Live Music during all 3 days, the Top Chef competition, the conscious living showcase, the beer run, the marketplace filled with food to sample, the little hopper root beer run for kids, the Bend family play zone and the mixology showcase which features the Bartender's Brawl. There will be something for everyone at the Bite!  Last year over 25,000 people attended the festival and we anticipate even more this year.  While attending, stop by one or both of our booths located in the center of the event and talk with one of our Premier Broker...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
How High Can Bend Oregon Real Estate Prices Go? The April 2019 sales figures for Bend single family homes on less than an acre are out and the results are dramatic. While new home sales surged in April, following a seasonal trend with 252 pending sales, the numbers of homes available and those closed in April are definitely down. And while prices continue to climb, the average days on market are also up. The following compared April 2018 with April 2019 for Bend single family homes on less than an acre: Homes for sale down 13.5% to 397 Homes sold down 10.2% to 177 Homes pended down .4% to 252 Average active price up 6.8% to $694,000 Average sold price up 12.4% to $552,000 Average price per sq ft up 8.9% to $258 Average days on market up 19% to 125 Sold/original listing price difference ...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Five Bend Premier Real Estate Brokers Work on All Women Built Home  On Thursday, May 9th, five Bend Premier Real Estate women Brokers worked on an all women built Habitat for Humanity Home. Diane Lozito, Kelly Johnson, Liz Shatterly, Jacque Martini Roberts and Sherry Ortega all worked hard installing windows, setting trusses, removing bracing and helping with construction clean up. After their day, the new owner of the Habitat Home is one step closer to the American Dream of home ownership.  Congratulations, ladies, on a job well done!               Original blog can be read at Bend Premier Real Estate's blog page.  
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
What's Up with Bend Luxury Homes? Bend's high end home market is growing.  There is demand for homes in the million dollar plus category that was unheard of just a few years ago.  The number of Bend luxury home sales is up while inventory levels are down, and with prices continuing to increase, this trend does not appear to be stopping anytime soon.  The following information includes data from the last 3 years with each bar reflecting 12 months. As you can see, the number of homes sold over a million dollars has trended upwards over the past 3 years. Even those homes priced over $2,000,000 have increasing sales.  And while sales are increasing, inventory levels are dropping. How Do Luxury Home Sales Impact the Bend Real Estate Market? As we reported in earlier blogs this year, month to...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate Sales Down March 2019 Bend real estate sales followed the trends noted earlier in the year. Although there was a seasonal uptick in March 2019 of  Bend single family residential home real estate activity, new home listings, those in pending status and those sold were significantly down. Numbers of homes for sale down 15.1% to 377* Numbers of homes sold down 27% to 149 Numbers of homes pended down 8.6% to 201 Bend OR Home Prices Up While actual sales are down, the average price of a Bend single family home continues to rise. Comparing March 2018 with March 2019: Average price per square foot on sold homes up 6.3% to $252 Average active price up 4.9% to $682,000 Average sold price up 8.9% to $536,000 Bend Single Family Home Inventory Remains Low While prices contin...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Sneak Preview Pronghorn's Huntington Lodge Huntington Lodge, Pronghorn's long anticipated newest overnight lodging option, is opening soon. We were fortunate to experience the 104 room lodge prior to its grand opening in an invitation only soft opening as they work out the bugs. The windy road to Pronghorn off Powell Butte Hwy ends at the Pronghorn gate house were we were greeted by the gate house attendant who asked where we were going. Obviously he notified Huntington Lodge as the two check in attendants  greeted by name as we walked in the door.  The main entry at the lodge is spacious with check in immediately to the right and concierge services to the left (the concierge was not staffed but we are sure they will be active during peak seasons). Directly in front is the bar where Pro...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Permits Down for New Bend Homes After many years of growth in new home construction in Bend, the number of permits pulled so far this year for single family homes is significantly down compared with previous years. From a high of 117 in March 2017, February 2019 had the lowest number of new home permits pulled in 4 years with less than 40.* February is typically a busy month for builders obtaining permits to build homes for summer sales.  This decline is significant in how it is not following the normal trends.   Why Are Bend Builders Not Pulling Permits? When a good analysis of Bend home trends are looked at, it becomes obvious that Bend new home construction has slowed. Many builders are sitting on inventory and while prices have continued to rise, sales have slowed to a level we have...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate Market ChangingFebruary 2019 had the most dramatic change to the Bend Real Estate market that we have seen in many years. Sales dramatically declined while prices increased, although at a reduced rate than we have experienced over the past few years.  It appears that the trends we started to see the second half of 2018 are continuing.When February 2019 is compared with February 2018, the data for Bend single family residential sales on less than an acre are as follows: Numbers for sale down 6.6% to 398 Numbers sold down 36% to 105 Numbers pended down 17% to 151 Average price per square foot up 2.9% to $248 Average days on market unchanged Sold/Original listing price different down 1% to 96% Average active price up 6.2% to $681,000 Average sold price up 3.1% to $4...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend OR Single Family Home Prices Have Grown Over the past 8 years, the sales price of a Bend single family home has grown by 129%. The average sales price at the end of 2010 was $223,000 and $510,000 the end of 2018. During the same time period, the average active price of a Bend single family home has gone up 91% from $373,000 in 2010 to $711,000 the end of 2018.* This growth in the price of a Bend home has led to an affordable housing crisis with the average Bend family questioning whether or not they can afford to purchase a single family home in Bend; for many the answer is no. How Much Home Can a Bend Oregon Family Purchase in 2019? According to Deschutes County records, the median annual Bend household income in 2018 was $67,727. Chris Raven with Fairway Mortgage has told us that...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Or Home Sales Showing a Decline in Early 2019 Those of us involved with day to day real estate sales have "felt" a change in the market for several months. Bend home prices which have been rising for the last several years have continued to grow, but sales have been flattening. Buyers which were so ready to purchase have developed a "wait and see" attitude and the homes which were so quick to sell not long ago are taking much longer. If the sales data for Bend Oregon single family residential homes from January 2019 is compared with January 2018, the following changes can be noted: Homes for sale down 4% to 382 Homes sold down 12.6% to 125 Homes pended down 27.6% to 144 The average price per square foot is up 7.5% to $245 The average days of market is up 5.8% to 127 The sold/origin...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
 At a recent lunch meeting, the Bend Premier Real Estate top producers for 2018 were announced. All Bend Premier Brokers contributed to the success of the brokerage in 2018, but special recognition was given to those in various categories: #1 Top Producer Dana Furlan #1 Top Team - Pattie Serbus #1 Top Individual Sale - Jen Chapman & Robert Curzon #1 Rising Star - Danielle Gates Recognition was also given to the top 10 in total sales: Sherry Ortega Cate Cushman Jacque Martini Roberts Kathy Hovermale Rob Lindberg Tina Roberts Laura Curry Eric Andrews Liz Shatterly & Elizabeth Ueland (tie) Brokers who offered additional, unique contributions were also recognized: Tenacity Award (most difficult sale)  - Sheila Crew Relentless Agent Award (consistent sales) - Debbie Walsh Most Unique Marketi...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Is the Bend Oregon Real Estate Market Overpriced? The figures are out and the trends we have been following over the past year were again seen in the December 2018 Bend residential real estate sales figures. December 2018 saw a dramatic reduction in Bend home sales on less than an acre compared with December 2017: Numbers of homes for sale down 10.4% to 396 Numbers of homes sold down 15.9% to 159 Numbers of homes pended down 14.4% to 131 Average price per square foot on sold homes up 3.8% to $244 Sold price to original listing price difference down 2.1% to 95% Average days of market up 2.8% to 111 Months of inventory up 8.6% to 2.5 (based on closed sales) Average active price up 5.6% to $701,000 Average sold price up 14.3% to $521,000** The figures for active listings are extraordinary....
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend OR Luxury Homes Sales Rise in 2018 The Bend high end real estate market grew considerably in 2018.  Million dollar homes, including those built for speculation, have sold at larger numbers than those in 2017 with the greatest percentage increase in the $1,300,000 to $1,699,999 range (up 42.9%). ** For available inventory, the numbers of homes in the $2,300,000 and up range grew by the largest percentage with 50% more properties available in 2018 than in 2017. The months of supply fell in all categories except the highest where the inventory levels are now at 17.2 months (up from 10.9 months in 2017). Pending sales are also up with the greatest percentage increase in the $1,300,000 to $1,699,999 category with an increase of 63.9%  There are 59 homes pending which were listed in this...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Commercial Real Estate Impacted by Lack of Inventory Historically, our local commercial real estate market trends above the national averages. Our Central Oregon area commands very aggressive CAP rates due to supply and demand; when you put a magnifying glass to our market, we have very little Industrial property For Sale/For Lease and it would appear that the Urban Growth Boundary expansion recently passed will not solve this immediate problem. Our local market in most cases this year has positive absorption rates for office and retail as well.  What’s Up on the National Front? Our local commercial real estate market trends about a year behind what we experience in the residential market. This is consistently true and while residential real estate sales experienced a sudden...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Real Estate Trends Mixed in November   The data has been published and Bend single family home trends show mixed results for November. When Bend home sales from November, 2018 are compared with the sales from November, 2017, the following changes can be seen: Homes for sale down 7.3% to 456 Homes sold down 16.7% to 170 Homes pended up 4.1% to 153 Average price per sq ft up 6.6% to $243 Average days on market up 9.6% to 114 Average active price up .9% to $663,000 Average sold price up 11.7% to $516,000 Median sold price up 11% to $433,000 Months of inventory up 12.4% to 2.7* Why are Bend Oregon Home Sales Slowing? Closings were down significantly in November which can be contributed to the softening Bend home sales seen earlier in the year; days on market and months of invent...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Home Sales Show Mixed Trends We have noted for the last few months that residential home sales trends in Bend have been changing.  The figures for October, 2018 reflect this change in a manner that we have not seen for some time.  While prices continue to rise, sales have dropped off significantly. The following data compares Bend single family home sales in October 2018 with those from October 2017: Homes for sale down 12.9% to 505 Homes sold down 5.2% to 221 Homes pended down 16.1% to 188 Average price per square foot up 7.7% to $252 Average days on market down 1% to 104 Sold/Original listing price differential down 2.1% to 95% Average active price up .9% to $641,000 Average sold price up 9.3% to $516,000 Median sold price up 6.5% to $433,000 Months of inventory based on closed s...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Bend Oregon Single Family Home Sales Are Slowing We wrote a blog a few weeks ago in which we noted that it appeared that Bend Oregon single family home sales were slowing when compared with the year before. This blog, "Is the Central Oregon Real Estate Market Slowing Down?"  looked at inventory levels and showed that there was an uptick in the number of single family homes in Bend, Redmond and Sunriver for sale from the same 12 month period the year before. The September statistics have now been published for Bend home sales and it appears that the slowing trend is continuing. When September 2018 Bend single family home sales on less than an acre are compared with September 2017, the following change can be seen: Homes for sale down 5.8% to 596 Homes sold down 6.2% to 195 Homes pended d...
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By Lynnea Miller, Premier Real Estate Service in Central Oregon
(Bend Premier Real Estate)
Why Are People Moving to Bend OR - is it the Lifestyle or the Jobs? In an article published 10-1-18, thrillist.com has ranked the top 25 American cities for local economic growth. According to WalletHub, the financial advice site, they compared 515 cities of various population sizes using 15 key data points such as working-age population growth, job growth, poverty rate decrease, median housing price growth and building permit growth. According to this analysis, Bend Oregon ranks 4th in the country. Does Poverty With a View Still Pertain to Bend Oregon? We know Bend is booming, but having a strong economy contributes to a vibrant community such as what Bend has experienced since coming out of the recession. People moved here traditionally for the lifestyle - Bend was often called "pover...
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