November 2010 . . . Bend Home Sales
Winter has arrived with a vengeance . . . Mt. Bachelor offered stellar, mid-winter skiing conditions prior to Thanksgiving.
But as the weather has cooled, so too has our local real estate market in Bend. We saw the sale of 127 homes, down about 17% from the 149 of a month ago (October home sales in Bend).
Trends in Bend Real Estate
We saw the yoyoing median home price drop 5% to $199,900. The halcyon days (June of 2006), when the median home price reached an unworldly high of $380,000, now just a fading memory. The low end of the real estate market in Bend remained extremely active . . . over 50% of the sales were under $200,000. Presently, there are less than three months of inventory in that range . . . a range that didn’t even exist three years ago!
Winners and Losers
The loser for the month (I guess I shouldn’t say that, because obviously the home sold, and there are probably some very happy owners . . . maybe I should just call it “the low price leader”) was a 1368 square footer, a “fantastic value off Butler Market Road in NE Bend.”
It featured two bedrooms, 1.75 baths, and a brand new roof. Shows what you can get for under $50 per square foot!
At the high end, was a beautiful Patrick Todd-built home at Pronghorn. The home was sold by Cascade Sotheby’s ace, Carrie Hebert, at $935,000.
The 4300 square foot home was originally listed at $1,556,000. It had three bedrooms and 3.5 baths, and was a short sale.
The home also included a premier golf membership . . . good for play on either the Nicklaus or Fazio track. I’ll take it!
Bend Oregon Real Estate . . . Median Price $199,900
The home below will serve as our example of the median priced home in Bend. It’s a “summer of love” vintage, “beautifully remodeled
with two master suites, granite counter tops,
central vac, and two fireplaces. It’s four bedrooms and 2.75 baths, and 2021 square feet. It also features a fully fenced back yard complete with a “detached artist’s studio”
or a “mother-in-law” cage.
Notable November Sales in Bend
We had a couple of good sales this month. The “happy yellow” home in Awbrey Village
sold (without the cabana boy!). As did the wonderful single level Arts and Crafts era home in The Parks.
The latter had multiple offers greater than the listing price!
Distressed Properties/ Notices of Default in Bend
Of the 127 homes sold in Bend, 70 (55%) were distressed properties; 40 bank-owned and 30 short sales.
We also saw only 205 notices of default (for many, the first stage in the foreclosure process) in Deschutes County for the month. That’s the lowest number in more than two years; possibly a sign that the pipeline of distressed inventory is starting to dissipate.
