Real Estate in Bend . . . September 2011
The warmest September on record failed to heat up the real estate market in Bend. We saw the sale of 132 homes in Bend, down about 18% from August’s figure of 162 (Bend Real Estate . . . August). Activity was up a bit from a year ago (Home Sales for September 2010).
Real Estate Trends in Bend
For sale inventory continued to fall . . . just 615 residential units (not counting condos, townhomes, bare land, etc.) available. That’s less than 5 months supply of inventory at present absorption rates–that’s not a bad thing!
Notices of Default (the first stage of the foreclosure process) remained remarkably low (159), especially when compared to the horrific figures of this past spring (Notices of Default Skyrocket in Deschutes County). Perhaps the pipeline of distressed properties is starting to dry up (wishful thinking?). In September, just 44% of sales were distressed properties–19 bank-owned, and 39 short sales. Hopefully indicating that banks are more willing to negotiate a short sale rather than going to foreclosure.
Bend Home Sales . . . Range
The winner for the month was a 3800 square foot home on Awbrey Butte; it featured unobstructed Cascade views and sold for $845,000 or $222 per square foot.
The home, both listed and sold by Cascade Sotheby’s International Realty, offered 3 bedrooms and 3.5 baths. It was built in 1998.
The home offered the usual high end finishes–custom sycamore cabinets, oak floors, Dacor appliances, slab granite, and a stunning limestone fireplace. I’m starting to sound rather blase.
The home was on the market for just a year; it was originally offered at $992,000.
Low End Bend
The low-priced leader was a “huge lot with a 1932 square foot older home” . . . that’s an interesting way of putting it!
The home does have some floors. It went for $85,000 . . . that’s a deal at $44 per square foot. It features a wishing well in the rear yard,
which also backs to the COI canal . . . featuring superb fly-fishing and the therapeutic sound of gurgling water to help mitigate the sound of rushing traffic on nearby Reed Market Road.
I’m sorry, I had to include this last photo; I think it’s a superb lesson in how not to market a home. Even I am trained to put the seat down!
Median Price in Bend . . . $212,000
Median price for a home in Bend rose slightly to $212,000. For that, one could expect something like this home in sought after Deer Pointe Village.
# bedrooms, 2.5 baths, 2665 square feet, the home (a short sale) went for $80 per square foot.
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