Once again, the photo above has nothing to do with the post . . . it’s just an incredibly beautiful picture taken by a friend of mine, Michael Pieretti.
May Home Sales in Bend
Despite weather more resembling that of the Willamette Valley (golf course operators reported only 7 days the entire month that topped 70 degrees), the Bend Oregon Real Estate Market remained warm for the month. Central Oregon MLS reported the sale of 139 single family homes in May (down just slightly from Bend’s April home sales figure of 144); up a hefty 17% year over year.
Range of Home Sale Prices in Bend Oregon
For the second month in a row, no homes sold in Bend for more than a million dollars. We came close, but not quite. It seems that the high end market has been hit pretty hard. The most expensive sale in Bend Oregon was a rather mammoth 5 bedroom, 4.5 bath, 5665 square foot home overlooking the Deschutes River, and just minutes from downtown.
The home was featured in the COBA Tour of Homes a few years back, winning numerous awards. It sold as a short sale for $977,450 (or $172/sq. ft.). In late 2007, the home was listed for $1,595,000.
The home featured black walnut flooring, a dark great room, an incredible dark master (with river views!), a dark formal dining room, and a very dark wine cellar. The kitchen offered a six burner gas range, Viking stainless appliances,
two dishwashers (his and hers!), as well as “microwave, convection, and warming ovens.” Whew!
At the low end, was a “cute and quaint” (in my book that usually means pretty small) home with a mud room and a partially fenced back yard with two sheds.
The home offered 2 bedrooms and a bath. It sold for $65,000 or $104 per square foot. Not bad! The home was centrally located in Bend . . . midway between Jaycee Park, the railroad track, and Vince Genna Stadium (home of the Bend Elks).
Median Home Price in Bend Oregon . . . $189,000
The median home price in Bend for the month of May took a bit of a jump . . . up from the $177,000 in April, to $189,000. That’s an increase of 7%, but still well off the heady days of 2006, when we hit an unrealistic high of $396,000.
The home pictured below is pretty typical of what one could expect around the median. It’s a 3 bedroom, 2.5 bath home of almost 2000 square feet; $95 per square foot.
It’s set on a third of an acre on the sunny southeast side of Bend. It was only on the market for 42 days.
Assorted Data . . . Conclusions About the Bend Oregon Real Estate Market
Of the 139 homes sold, 81 were distressed properties (54 bank-owned, 27 short sales) . . . that’s 58% of the Bend transactions. The figure is a bit lower than last month’s number. Notices of default (considered to be the first step in the foreclosure process) remained high at 298 (down from last month’s 316) . . . up 11% from a year ago.
Thus it appears that the pipeline of distressed properties will help to keep prices down for the foreseeable future.
Search anonymously for homes in Bend Oregon or contact your Bend Oregon real estate broker.
