In our last market trends report we saw a steady increase in sales and pending residential sales from the beginning of the year through April 2014. It seems that those trends have continued and May 2014 also showed growth in sales, pending offers and homes places onto the market.
According to the Multiple Listing System Trend Vision there has been an increase in pending sales and sales in the Bend area:
- April 2014: 231 sales & 286 pending sales.
- May 2014: 232 sales & 295 pending sales
As seen above the amount of sales and pending sales have slightly increased between April and May of 2014 but have overall remained stable.
Furthermore, the average sales price has taken a slight bump from April 2014 to May 2014
Average Sales Price:
- April 2014 Average Sales Price of home $347,000
- May 2014 Average Sales Price of a home $374,000
In addition, the average price per square foot went up from $168 a square foot to $178 a square foot. Meaning based on the averages if you were buying a 1700 sq ft home in April you would have paid $285,600 and in May for the same home you would have paid $302,600. With the average price per square foot on a slow but steady rise, it may be a great time to consider jumping into the market now to grab the most home for your money.
May was an extremely busy month for us. Selling 3 homes and opening over 1.5 million dollars in escrows. We are excited to see how the June trends reflect the high number of pending sales that began in May 2014.
If you are interested in buying or selling your home this summer feel free to contact us. We would be happy to help!