The Bend real estate market has definitely turned the corner. But not all price points are enjoying the rebound. While the lower-end has been the shining star this year and the lower-middle is falling in line, the upper-middle and upper-end still have a long way to go. Here are the numbers:
Inventory levels*
$0-$350K: 2.75 Months
$351-$650K: 6.25 Months
$651-$999K: 13.5 Months
$1M+: 188 Months (only 1 sale in 7 months this year)
This makes sense in that the higher price points were last to enter the downturn, as high net-worth individuals had a greater ability to weather the recession …. to a point. Now, reality has set in for these folks too. Prices for high-end properties have already come down substantially, but given the lack of current buyers, inventories remain high and prices will have to fall even more.
If you’re looking to purchase from $650K-$1M+ there’s still time to capitalize on the excess inventory and secure a good deal. But don’t wait too long. Even high levels of home inventory can be absorbed quickly and you won’t see these kinds of values in Bend real estate for decades to come.
*(Single family residential inside Bend city limits, based on average monthly sales since 1-1-12. Five to six months inventory is considered healthy. Below 5 months is a seller’s market, above 5 months is a buyer’s market. Data collected from COAR MLS and believed to be accurate, but not guaranteed)