Bend Home Sales Statistics . . . December 2010
The winter is kicking . . . snow has stayed on the ground in Bend . . . Mt. Bachelor has offered some simply awesome conditions.
I wish the same could be said for the Bend Oregon real estate market. We saw the sale of 144 homes; up slightly from a month ago–Bend Home Sales for November.
Bend Real Estate Trends
This month we saw a huge decline (15%) in the median home price–perhaps attributable to the heavy action at the low end of the market. The median priced home in the Bend real estate market went from $199,900 to $169,950. That’s an amazing 52% drop since the almost forgotten days of December 2006, when prices peaked at $354,000. More than 63% of sales were under $200,000. That’s an obscene number ! To put things in perspective, four years ago in December, there was one home that sold for less than $200,000 ($198,500).
If we really want to feel bad . . . there were 141 sales in December of 2006; four of them were for over a million dollars. That equals the total of 2010 sales in the same price category! Ouch!
Losers and Winners
After reading the previous paragraph, I guess we all feel a little like losers. Nevertheless, the low price leader was a “cute” (my word . . . the curb appeal is dubious), 873 square foot, single level cottage, built in 1942.
It’s a baseball fan’s delight . . .located near Vince Genna stadium. Not bad for $65 per foot!
At the high end was a “timeless Tudor” overlooking Mirror Pond. It was built in 1939, and featured 4100 square feet of living area–including a 600 square foot guest house.
The home sold for $804,000 or $195 per square foot.
I hate to put a damper on things, but in June of 2010, the home was listed at $1,295,000
Bend Oregon Real Estate . . . Median Price of $169,900
I’ve already lamented the median price decline. Still, here’s what one could expect to purchase for $169,900.
A 2211 square foot home (4 bedrooms!) on a 3900 square foot lot, with “Yes, a peekaboo mountain view from a squenched up position on the second floor, over near the extreme left hand side of the right window.” Some marketing! Still not a bad deal at just over $75 per square foot. Located between St. Charles and the Big Sky Sports Complex, just off Neff Road.
NOD’s and Distressed Properties in Bend
Of the 144 homes sold in Bend, 95 (66%) were distressed properties; 58 bank-owned and 37 short sales.
We also saw only 244 notices of default (for many, the first stage in the foreclosure process) in Deschutes County for the month. That’s the second lowest number (last month was 205) in more than two years; however, still a hefty number, and a sign that the pipeline of distressed inventory will continue.
