Dearth of For Sale Inventory in Bend
December in Bend . . . powder day after powder day at Mt. Bachelor (another reason we live here!). Big news in the Bend real estate market is the dearth of for sale inventory–just 322 homes for sale. That’s down more than 36% from a year ago (Real Estate in Bend Oregon-December 2011).
That last column says it all. According to the National Association of Realtors, 6 months of inventory represents a “balanced market.”
151 Homes Sold in Bend
An impressive figure for a town of 81,000 in December. There were other positive signs as well, pointing to a gradual recovery:
- The percentage of distressed properties sold fell to just 23% (25 short sales, 10 bank-owned). It was 47% a year ago.
- Number of “pending” sales remained high–portending well for 2013
- Median price in Bend rose to $247,500; up 10% from the previous month . . . highest number in 4 years
- Notices of Default all but dried up . . . just 4 for the month!
Bend’s Least Expensive Home Sale
The low priced leader for the month of December in Bend was a “cute little home in a great location” . . . that almost sounds like poetry!
The puke green little cottage offered 2 bedrooms, 1 bath, and 806 square feet. It went for $70,000 or $87 per square foot. As an aside, I have to say that a couple of the photos used to market this home in the Central Oregon MLS are some of my favorites of all time (he said facetiously)-
Somebody has a great sense of humor or what exactly were they thinking?
High End Bend . . . $962,000
Soaring wood ceilings, wood windows, granite counters . . . blah, blah, blah.
This 3 bedroom, 4 bath, 4250 square foot beauty was built in 1998. It sold for $962,000 ($226 per square foot) after resting on the market for over a year.
The home featured wonderful Deschutes river canyon and Cascade Mountain views.
Median Price in Bend . . . $247,500
Median price in Bend rose to $247,500–up 10% from last month, and the highest level in over 4 years. Your typical median priced home in Bend might look like this 3/2, 2517 square foot, bank-owned home.
Real Estate in Bend . . . Moving Ahead
We’re ending the year on a solid note. What lies ahead is difficult to predict . . . the lack of for sale inventory in Bend could make things problematic for prospective buyers. So let’s go out and enjoy those powder days!
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