How’s the housing market in Bend, Oregon? Is it slowing down? These are the questions buyers, sellers and fence-sitters are asking about the housing market in Central Oregon. The answer is yes. Yes, the market is experiencing a typical seasonal slowdown. New local stats were just released from Beacon Appraisal Group showing the number of single family home transactions down to 142 in November from a summer high of 260 sales in June. Last winter we reached a low of 120 sales per month in both January and February of 2015.
How are the home prices in Bend? Are the prices coming down? Not really. Again, we’re seeing a pretty typical seasonal trend. Home prices are holding pretty steady. At $179 per square foot, prices are just a smidge up from $177 in October but down from a summer high of $187 in August. The lowest we hit in 2015 was $159/sf in February and in 2014 the lowest was $149 in January. On the high end of the spectrum, we hit $174 in August 2014 and $187 in August of this year as mentioned before. So, while we may see a minimal drop yet this winter, the safe bet is that we’ll see our typical increase in both inventory and pricing in February and March.
Check out the graph below to see the quarterly trend in Bend home prices as measured by price per square foot through the past 10 years. All data and stats are from COAR MLS and Beacon Appraisal Group.