Residential home sales remain solid in Bend. Data from November, 2016, reflect a strong real estate market moving into winter. The average price per square foot for sold Bend homes is almost 11% higher than November, 2015. Although there is a seasonal slow down and less inventory than during October, the average sold price is up almost 12% over a year ago with 36% more homes sold during November 2016 than November 2015.*
Interest rates on home mortgages have inched up a bit, so it remains to be seen how this will impact Bend home sales moving into 2017. Although still historically very low, the interest rate increase may make a difference to the lower end buyer where small changes in their monthly expenses can determine whether or not they can afford a home. For the higher end, lack of inventory remains the determining factor on finding the perfect home; there were 9.4% fewer homes available for sale November 2016 than in November 2015.
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*Data from Central Oregon MLS
Original blog can be see at Bend Premier Real Estate's blog site.