Our Monthly Real Estate Trends Report for Bend, Oregon includes three separate categories of real estate sales: Single Family Residential, Residential on Acreage and Bare Lots/Land. The data is compiled on a monthly basis from the Central Oregon Association of Realtors® MLS database and is considered to be accurate but by no means guaranteed. The underlying principle of the following real estate statistics and sales trends is to provide my clients with unparalleled information and a thorough account of the Bend, Oregon real estate economy to help with relocation, selling and buying a home.
There are two prerequisites for reliable statistical data: a complete definition of the data (in other words the scope of the criteria used to compile the data) and an analysis of the information over a period of time. I began compiling the majority of the data in January 2007, with the exception of Residential on Acreage, which I started in August of 2007. I populate these tables with current real estate sales data each month; however the information presented here includes only a portion of the data I compile. Each month I also distribute a report, broken down into specific value ranges for each of these property types. If you would like to receive the monthly report please contact me.
Each data table includes Bend, Oregon real estate listings and sales. However the MLS database allows me to search the Bend area, and as a result the data is not limited to the city limits (within the Urban Growth Boundary) of Bend.
- Residential – This includes single-family homes on one acre or less and excludes townhomes, condominiums and multiplexes.
- Residential on Acreage – Similar to single family residential, except for parcels greater than one acre.
- Bare Lots/Land – This data includes bare lots/land on one acre or less.
- Active – This is a snapshot of the total quantity of available listings on the first day of the month.
- New – This is the number of new listings that come on the market within the course of the month.
- Pending – The is the number of listings that go pending within the month.
- Reduced – The total number of listings that were priced reduced within the month.
- Sold – The total number of closed sales within the month.
- Avg SP/LP – The average ratio between the sales price and the listing price of the listing when it went pending.
- Avg DOM – The average Days On Market from when the listing was first active to a closed sale.
- Months of Inv. – Assuming no new inventory is listed and no listings expire, based on the current sales pace, this is how long it will take to sell through our inventory. Typically 6 months of inventory is considered a balanced market, anything less is a “seller’s market,” and anything greater is a “buyer’s market.” Although some argue that in resort/lifestyle communities a balanced market is 8 months of inventory.
Whether you’re considering relocation to Bend, Oregon or other areas of Central Oregon, or selling property, you’ll want to watch these trends!