Coldwell Banker Bain, a leading provider of real estate brokerage services throughout Washington and Oregon, releases its third-quarter market report providing a variety of statistics for the sale of homes in neighborhoods and counties in SW Washington and Oregon, as well as for other segments, including luxury and condos. This third-quarter report reflects activity between July 1 and Sept. 30, 2019.*
Reflecting on the third-quarter numbers, principal managing brokers in several additional markets reflected on the activity, including Bend’s Brandon Fairbanks, principal managing broker of the company’s new acquisition in Bend saying, “Bend continues to draw visitors from around the world as the summer months offer an endless opportunity for outdoor recreation. As I watch these vacationers floating the Deschutes River for the first time or enjoying the downhill mountain biking park at Mt. Bachelor, I can’t help but overhear conversations about dreaming of a life in Bend. The real estate market in Bend remains very active with multiple offers on the well-priced properties in certain price ranges. The average sales price in the third quarter was up 9 percent over the same quarter the previous year with inventory levels down 9.6 percent. The number of sold homes has remained relatively the same at 861 units. Months of inventory is a number which I pay close attention to as five to six months of inventory is a balanced market; less than that will result in price appreciation, as more months of inventory puts downward pressure on prices, or is a buyer’s market. The current months of inventory in Bend, on average, is 2.7 months, down from three months during this same period last year. This is a sign that prices will continue to increase as the supply of homes can’t keep up with demand. Of course, this changes in different price points — for instance, homes in Bend priced over $1 million currently have 6.7 months of inventory, down 21 percent from the same quarter one year ago. Bend still offers an incredible value compared to the housing prices in most of the markets from which our buyers are moving, coupled with a lifestyle most can only dream about. I expect Bend to continue to be a solid real estate market in the years to come.”
*Information and statistics derived from the Regional Multiple Listing Service (RMLS) each quarter. Statistics not compiled or published by the Regional Multiple Listing Service.
