Bend Oregon Real Estate
The Bend real estate market continued to show slow steady signs of recovery in May. We won’t see those pre-2006 halcyon days and price levels (in our lifetime!), but still indicators show promise.
Incidentally, the photo above is the pond-skimming competition at Mt. Bachelor on the last day of the season (May 27).
See ALL available Bend, OR real estate listings.
Notices of Default
Notices of Default (the first phase in the foreclosure process) in Deschutes County dropped to near record lows . . . just 117 for the month (compared to the astronomical 562 in March of 2009).
Months of Inventory
For sale inventory in Bend also remained low–just 462 active listings.
That’s down 10% from a year ago. Just as a point of reference, in May of 2007 there were almost 1700 homes on the market in Bend. The National Association of Realtors considers six months of inventory to be a “balanced” market.
Median Price in Bend
In May, the median price for a home in Bend reached $234,000 . . . up more than 13% from April. That’s the highest level since November of 2008.
The median priced home might look like this “desirable NW Bend Charmer built in 1920. Bright & Sunny Home; with extensive remodeling.” It is 3/2, and 1208 square feet. That’s closing in on $200 per square foot. Still, almost surreal to think back to May of 2007, when the median price in Bend was $395,000 (whew!).
Distressed Sales
During the latter months of 2011, distressed properties made up between 50% and 60% of all Bend house sales. That number dropped to just 37% (30 bank-owned, 34 short sales) in May . . . perhaps further indication of light at the end of the proverbial tunnel.
Highest Home Sale in Bend
The grand prize winner of the 174 homes sold in Bend was this 4 bedroom, 3.5 bath, 3755 square foot home on Awbrey Butte.
The home sold for $799,000 or $213 a square foot. It featured wonderful Cascade mountain views.
Low End Bend
The low end (under $200,000) remained torrid in May. The low-priced leader was this bank-owned beauty located just a couple of blocks from Vince Genna Stadium, home of the Bend Elks.
The single level 996 square foot home offered 3 bedrooms and 1 bath; it was built in 1978. It sold for $84,900 or $85 per square foot.
The home, while needing some TLC, offered a fenced yard with a shed. I hate using these photos . . . it’s like house porn.
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