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More Good News in Bend Housing Market

We love being able to post about good, happy, sunshine-y things – like improvements across the board in Bend, Oregon real estate! That’s right, we’re happy to report that things are still strengthening around here. In fact, year-to-date measurements taken at the beginning of May show continued higher sale numbers and prices for homes in the Bend area. The inventory of available homes is still below last year’s levels, bringing increased competition for desirable listings.

New construction continues to demonstrate strength. New homes represented 11% of all residential sales in Bend Oregon so far this year, up from 8% in 2011. The new construction segment posted a 52% increase in the number of homes sold over the same period last year. This rise is indicative of a matching rise in building permits in April, which was the second best month for value (129 permits valued at $27.9 million) in a four-year survey compiled from county records by Amerititle.
The Bend Oregon neighborhood of NorthWest Crossing continues to define itself as a strong sub-market with an average sale price 56% above Bend as a whole. Builders are active in the neighborhood but steady sales are keeping inventories low.
Figures below were derived from Central Oregon Multiple Listing Service numbers for homes on less that one acre in the Bend area stretching from Tumalo to Alfalfa.
Bend area residential                         2012                2011                Pct.
(Year to date, except as noted)
Active residential listings 5/1/12         432                  509                  -15.1%
Number of residential sales                583                  535                  +9.0%
New construction sales                       67                    44                   +52.3%
Average sale price                             $236,232         $225,771         +4.6%
Average price per sq ft                       119                  114                  +4.4%
NorthWest Crossing                           2012                2011                Pct.
(Year to date, except as noted)
Active residential listings 5/1/12          30                    52                    -42.3%
Number of residential sales                 31                    19                    +63.2%
New construction sales                       17                    13                    +30.8%
Average sale price                              $368,564         $406,502         -9.3%
Average price per sq ft                       195                  198                  -1.5%
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