Low Inventory and Strong Buyer Activity Keep Century West Moving
July was an active month for real estate in the Century West Neighborhood Association, with 10 homes sold and more than $13.5 million in total sales volume.
What stands out most is the combination of strong sales activity. With only 14 active listings remaining at the end of July, buyers looking in Century West had a relatively limited selection of homes to choose from.
Median Sale Price: $1,274,500
The median sale price for July came in at $1,274,500, continuing to reflect the wide range of higher-end homes found throughout the Century West area.
As always with neighborhood-level statistics, the mix of properties sold during a particular month can have a significant impact on the median price. Century West includes a variety of neighborhoods and home styles, so individual property values can vary considerably.
Median Price Per Square Foot: $489
Homes that sold in July had a median price of $489 per square foot.
Price per square foot is useful for following broader trends but it becomes less precise when comparing individual homes. With a diverse variety of homes in the neighborhood association location, age, condition, lot, views, updates and neighborhood all play a role in determining value within Century West.
10 Homes Sold | $13,519,000 in Sales Volume
Ten homes changed hands during July, producing $13,519,000 in total sales volume.
Purchases were split evenly between 5 cash sales and 5 financed sales, showing that financed buyers remain very active even at Century West's higher price points.
Pricing Remains Important
The relationship between asking and selling prices is particularly interesting this month.
Homes sold for 99.08% of their original list price and 98.08% of their list price at the time of sale.
Those numbers suggest relatively little separation between what sellers were asking and what buyers ultimately paid. While individual transactions can vary, July's overall numbers point toward a market where appropriately positioned homes are attracting serious buyers without requiring substantial discounts.
Inventory Tells the Bigger Story
Century West ended July with just 14 active listings. The fairly tight supply of available homes gives sellers considerably less competition than we're seeing in some other parts of the Central Oregon market.
For buyers, it means finding the right property may require some patience. When an attractive home comes to market at a price buyers perceive as reasonable, there may not be a large selection of comparable alternatives available.
What It Means
July's numbers point toward a strong Century West market.
Ten sales in a single month against only 14 remaining active listings is meaningful activity. Add in sale prices that remained close to asking prices and the numbers suggest buyers continue to place a premium on finding the right home in this part of Bend.
For sellers, limited inventory can be an advantage but it doesn't eliminate the need for realistic pricing and good presentation. Buyers today are well informed, and even in a lower-inventory neighborhood, they are paying attention to value.
For buyers, Century West is a good example of why the broader Bend statistics don't always tell the entire story. Individual neighborhoods can have considerably different levels of inventory, competition and buyer activity.
Bottom Line: Century West had a strong July, with 10 sales, $13.5 million in sales volume. Buyers have fewer homes to choose from, while well-positioned properties continue to attract strong interest and sell close to asking price.
If you're considering buying or selling in Century West, I'd be happy to help you look beyond the neighborhood averages and see what the numbers mean for a particular home or neighborhood.
