Bend Market Trends April – June 2016

THE NEW YOU (1)

The summer real estate season is in full swing. Meaning an increase in homes on the market. Homes for sale has been increasing every month as seen below:

Listed Homes in April 2016 – 583
Listed Homes in May 2016 – 696
Listed Homes in June 2016 – 750

However, in comparison to 2015 listed homes for sale in 2015 we are still lagging this summer. As seen below:

Listed Homes in April 2015 – 690
Listed Homes in May 2015 – 734
Listed Homes in June 2015 – 826

In addition, pending sales have been holding steady and following seasonal trends as seen below:

Pending Homes in April 2016 – 337
Pending Homes in May 2016 – 290
Pending Homes in June 2016 – 327

Furthermore, sold homes are staying on track with seasonal trends as well as seen below:

Sold Homes in April 2016 -246
Sold Homes in May 2016 – 289
Sold Homes in June 2016 – 283

However, the average price per square foot continues to increase every month as seen below:

Average price per square foot in April 2016 – $211
Average price per square foot in May 2016 – $214
Average price per square foot in June 2016 – $223

This shows that the price per square foot increased by $9 between May and June. Furthermore, since January the price per square foot has increased by $25 per square foot. With fewer homes on the market and more buyers coming through this summer, it has driven the prices upward. This means that in January if you purchased a 1500 sq ft home you would have paid $297,000 in Bend using the average price per square foot. If you purchased that same home today you would pay approximately $334,500 using the current average price per square foot.
If you are currently thinking about selling your home, this summer may be the perfect time. With low inventory, and high demand price should continue to move upwards through the summer. Contact us if you are thinking of selling your home before the summer seasons ends.