Braggadocio
A little bragging for the month . . . we had a wonderful sale that won’t show up in this month’s statistics–our listing on Macalpine Loop in The Highlands finally closed at $1,252,000.
It would have been the high priced winner for the month (except that it’s on 10 acres; for our analysis, we are using only “residential” properties). Nevertheless, a short sale of epic proportion– a collaboration (battle?) with Bank of America, a winding trek through the minefields of equator.com.
Home Sales in Bend
The magnificent Central Oregon summer weather didn’t really seem to stimulate our July activity. Though we did see the sale of 128 homes in Bend (down from the 139 sold in June); down about 10% from a year ago.
Trends in Bend Real Estate
There were more homes on the market in July . . . 646, up a hair from June; still to be expected, as many potential sellers list when the weather improves. The added listings also served to increase out months of inventory (based on closed sales) to a yearly high of 5.3–still a very healthy number.
Also on a positive note, Notices of Default (the first stage in the foreclosure process) fell to a miniscule 146 . . . that’s the lowest number since July of 2008. Perhaps a further signal that our flow of distressed properties is slowing to a drip. In fact, our number of distressed properties sold fell to just 62 (30 bank-owned, 32 short sales) . . . the first time in years that the number is less than 50% of total sales.
High End Bend
The winner for the month was ” a remarkable replication of a 1920’s craftsman;” it sold for $1,062,500 after one year on the market.
The 4 bedroom, 2.5 bath, 3478 square foot home was just steps from Mirror Pond and downtown. It sold for a hefty $305 per square foot.
Low-Priced Leader
The low-priced leader was an “adorable bungalow in midtown” (I think that’s a euphemistic way of saying that it’s tiny and on a busy street!). The 1/1, 672 square foot home was built in 1939, and sold for $66,500 or $95 per square foot.
Apparently the original wood floors have potential.
For those interested in the macabre, this home actually went “contingent bumpable” eight different times before finally selling after 1232 days on the market. A testament to somebody’s tenacity!
Median Price in Bend . . . $197,000
The median price in Bend fell to $197,000 (from $210,000 in June).
For that price, on could expect a home like this vintage 1924 cottage on Bend’s westside. It went three bedrooms and 1 bath, 1056 square feet. That shakes out to $186 per foot. Gotta love the location!
The home was on a large lot with alley access. It featured a “nice permanent storage building” or a rather rustic-looking casita.
Search anonymously for homes in Bend using the very intuitive map search.
