The real estate market in Bend seemed to be booming in 2015. Homes on the market in Bend peeked at 891 listed homes in July of 2015. Homes on the market in 2015 were quite a bit lower than the previous year. In 2014 the peek was in August with 1035 homes. Overall, 2015 has lagged behind 2014 in regards to homes on the market.
In the end of 2015, we began to see a seasonal drop in listings. Many home owners opt to remove their homes from the market as the winter months approach, which can be seen below.
- October 2015 listings: 795
- November 2015 listing: 700
- December 2015 listing: 604
In addition, pending sales also began a season downturn as seen below:
- October 2015 pending sales: 256
- November 2015 pending sales: 201
- December 2015 pending sales: 148
However, pending sales were strong in 2015 than in 2014. Our office saw a strong December month having 7 pending sales, which is uncommonly high due to the holiday season. With pending sales in the end of 2014 being:
- October 2014 pending sales: 226
- November 2014 pending sales: 186
- December 2014 pending sales: 127
Sales in 2015 peeked at 313 in June 2015 and held around 295 sales a month throughout the summer. Sales did dip at the end of 2015, which reflects the seasonal downturn as we enter the winter months as seen below:
- October 2015 sales: 237
- November 2015 sales: 184
- December 2015 sales: 244
December 2015 was stronger than December 2014 which had only 201 sales in Bend. Increased sales may be due to concerns over increasing interest rates and a desire to purchase a home before the new rates were implemented.
The price per square foot of a home has held steady throughout the last 6 months as seen below:
- July 2015 price per sq ft: $203
- August 2015 price per sq ft: $200
- September 2015 price per sq ft: $202
- October 2015 price per sq ft: $203
- November 2015 price per sq ft: $199
- December 2015 price per sq ft: $203
December 2014, the average price per sq ft was $186. If a person purchased 1500 sq ft home in December in Bend they would have paid approximately $279,000 for the home. If someone purchased the same 15000 sq ft home in December 2015 it would cost approximately $304,500, which is $25,500 more.
The price per square foot has been steadily increasing over the past few years. There is speculation that the price per square foot should level off in 2016. However, with interest rates increasing throughout 2016, buyers may still find home buying just as expensive this year as it was last year.