Dog Days of Summer
“Dog Days of Summer” and the Bend real estate market stayed hot as well. We saw the purchases of 205 homes in July . . . that’s down just a bit from May and June figures, but otherwise the highest level in over 6 1/2 years!
Promising Indicators for Bend Real Estate
There were several promising indicators that show we are on our way to a housing recovery in Bend:
- Days on market for sold properties–63–was the lowest number in over 6 years
- 76 new building permits were issued; off a hair from the 80 last month, otherwise the most since May of 2007
- The median price in Bend hovered around $280,000 (same as June), the highest in 5 years
- For sale inventory rose a bit (to be expected with the season)–just 2.7 months overall
- Distressed properties accounted for less than 6% of overall home sales (a year ago that number was 55-60%)
Most Expensive Home Sold in Bend . . . $1,240,000
The big kahuna for the month of July was a 5 bedroom, 7 bath (who needs seven baths?), 5215 square foot home on Awbrey Butte that went for $1,240,000 or $238 per square foot.
The big home featured all the usual good stuff . . . huge decks, granite, marble, hand-troweled walls, hardwood floors, and wool carpets. Interestingly, it sold as a short sale for $800,000 in 2010; it sold new in 2006 for $1,350,000.
Bargain Sale for July . . . $125,000
The low-priced leader for the month was a three bedroom, two bath, 1314 square foot, single level home in Foxborough on Bend’s southeast side.
The house, built in 2000, went for $125,000 or $95 per foot. What a great move for an investor . . . that home will probably rent for $1200 per month! Why didn’t I buy it?
Median Price in Bend . . . $280,000
As addressed above, the median priced home in Bend remained at $280,000. For that price, one could expect a home much like this 3/2.5, 2067 square foot home in Tanglewood.
Not bad!
