The Best Month in Six Years
August was a whopper of a month for real estate in Bend Oregon . . . 191 homes sold. That represents the best single month in more than six years (topped last in July of 2006, when 200 homes sold). The figure is up 10% from a month ago; and almost 19% from August of last year. How do you spell “recovery?”
Other Bend Real Estate Indicators
Other indicators appeared solid as well. The median price rose to $250,000 . . . a bump of 8%, and the highest since mid 2008. Pending sales were also healthy–185 units–thus assuring the continued flow of closings for months ahead.
Inventory levels remained low–overall slightly less than 3 months of available for sale inventory. We have moved very decidedly to a strong “seller’s market.” The National Association of Realtors considers six months of inventory to be a “balanced market.”
NOD’s Almost Non-Existent in Bend
There were just 11 Notices of Default filed in Deschutes County in August; a far cry from the 596 in April of 2010. NOD’s are the first stage in the Foreclosure Process. Also surprising was the further decline in the number of distressed properties sold. That figure was running almost 60% for much of last year. In August, the number was 28% (20 bank-owned, 30 short sales).
Bend Real Estate Range
At the low end of the August home sales in Bend was a cluttered 1274 square foot home that went for $100,000, or $78 per square foot.
The 3 bedroom, 2 bath home was built in 2005. It was located on Vogt, just a very short stones’ throw from the railroad tracks. Perfect for a first time buyer or a train aficionado.
At the high end was a 5509 square foot, 4 bedroom, 5.5 bath “architectural delight” . . . unfortunately, the listing photos don’t tell the story.
The house in Bend, featuring 4 fireplaces, imported marble, bamboo floors, and an elevator sold for $1,050,000 or $191 per square foot.
The “cook’s dream kitchen” boasted a lot of extra stuff too . . . 3 refrigerated areas (why?), 2 sinks, and double ovens.
Median Price in Bend . . . $250,000
The median priced home in Bend might look like this 1938 square foot, 3 bedroom, 2.5 bath home in Westside Meadows.
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