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Jan/Feb 2017 Real Estate Statistics & More

April 1, 2017

Market Update Jan 2017 Bend
Median price up from $355K to $371K.
Number of sales down from 192 to 130
Price per sq/ft down from $192K to $200K
Permits up from 48 to 78

Market Update Feb. 2017
Median price down from $371K to $354K
Sales up from 130 to 132
Price per sq/ft up from $200,000 to $205,000
Permits down from 78 to 62

I’m always asked when are home prices going to drop?  The chart below is for real estate specific to Central Oregon.  You can see in 2012 & 2013 home prices had huge increases and then in 2014 the increase was far less. The prices went up again in 2015 but not as much as when the recovery first started. In 2016 prices were still going up but not as much as 2015.  The first two month of 2017 there has not been any change in the median price.  It will be interesting to see what is going to happen in the next couple of months.  Some agents suggest that homes with larger lots are going to see an increase in value.

I think you will see older neighborhoods are going to change as more people are willing to remodel to get the location and lot size they want.  The neighborhood I’ve been watching is around Hollinshead Park.  Large lots, wide streets and relatively close to down town.  Other neighborhoods to watch are Woodside Ranch &  a small area just north of Deschutes River Ranch and south of RiverRim.

2009 2010 2011 2012 2013 2014 2015 2016
$212,000 $191,750 $190,000 $220,000 $269,000 $290,000 $327,478 $360,000
-26.87% -9.55% -0.91% 15.79% 22.27% 7.8% 12.9% 9.9%
$274,767 $294,001 $314,581 $336,602 $360,164 $385,375 $412,352 $441,216
$245,488 $260,217 $275,830 $292,380 $309,923 $328,518 $348,229 $369,123
$173,943 $179,161 $184,536 $190,072 $195,774 $201,647 $207,697 $213,928

 

 

 

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