2012 in Review
Seems like real estate in Bend Oregon has been bouncing along the bottom for years. There hasn’t been a lot of good news for a while:
Where Have All the Realtors Gone?
But we’ve turned the corner, and 2012 proved to be a solid year for Bend real estate. Impressive gains were evident in most meaningful categories.
1980 Sales in Bend
This chart pretty well sums it up:
Sales surged for the year; after two consecutive years of exactly 1684 sales, we saw the number of single family homes sold in Bend bump to 1980 in 2012. That’s up 18% from the previous year.
Sales Volume = $521 M
Overall sales volume for residential units in Bend rose a startling 30% (up from $401 M in 2011) . . . a clear indication that prices have begun to rise.
Distressed Property in Bend
At last, the flood of distressed properties (bank-owned and short sales) has subsided. In 2012, we saw very substantial declines from the previous year . . . bank-owned sales in Bend were off by 28%, short sales by 16%.
And, overall in 2012, distressed properties accounted for slightly less than 35% of all home sales in Bend. In previous years, that number ranged from 50-60%
Notices of Default in Bend
Notices of Default are usually the first step in the foreclosure process, and thus an indication of future distressed activity. By extension, they inhibit potential price increases and make for problematic appraisals. Good news on this front too . . . NOD’s in 2012 (797) were down a stunning 66% from the scary 2363 in 2011.
Median Price in Bend
The median price took a healthy jump . . . moving from $190,000 in 2011 to $220,395 in 2012. Lest we get too excited, it’s still a little disconcerting to realize that the median home price in Bend in May of 2007 was an astronomical $396,000 . . . I doubt we’ll see those days again!
Looking Ahead to 2013
The biggest hindrance for the Bend real estate market in moving forward into 2013 is the absolute paucity (I’ve always wanted to use that word!) of available for sale inventory (No Inventory in Bend). Of course, seasonal change will have some impact . . . but will it be enough to satisfy rapacious buyers and hungry realtors?
We’re seeing a trend towards judicial foreclosures (worth a post by itself); not sure what their impact will be.
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