Yes, it is a cute little trailer isn’t it?
249 Homes Sold in May
Sales soared in May . . . 249 homes sold in Bend Oregon’s surging real estate market. That’s up 35% from a month ago (April Home Sales in Bend), 41% from a year ago (May 2012), and a number that represents the highest monthly total since November of 2005.
“Pended” sales also kept up the torrid pace, showing that the ascending trend will not end anytime soon, and boding well for the remainder of the summer.
A $2 Million Sale in Bend
The big winner for the month was a “spectacularly one-of-a-kind home on Talapus”
5 bedrooms, 5.5 baths, and almost 7000 square feet, it sold for a cool two million. As it should, the home featured floor to ceiling windows, a chef’s kitchen,
spacious master with a steam shower. It’s the only home to top the two million mark in a year.
Distressed Properties in Bend
Distressed properties accounted for barely 13% (11 bank-owned, 21 short sales) of all home sales in Bend; quite a change from a year ago when that figure was running between 55 and 60%. Still interesting to note that the second ($920,000), third ($890,000), and fourth ($750,000) most expensive transactions for the month were all short sales. Obviously, the high end has not yet recovered; also, indicative of the mindset of the high end discretionary buyer.
Bank-owned Beauty in Bend
I love that alliteration. The low priced leader was a 3/2, 1399 square foot home on the east side of Bend, off of Wells Acres. It was built in 1977, and sold for $99,000 or $68 per foot.
No, that’s not the home . . . only the “guest quarters” out back.
In 1999, it sold for $118,000. I think it had the same basketball hoop then as well!
Inventory in Bend
Overall inventory levels have improved a bit (to be expected as we move into the height of the selling season),.
Still, we have just 2.5 months of inventory in all price points. Check out the last column of the following chart.
The inventory level is still remarkably low, and the main reason for our continuing price increases
It’s still a wonderful time to be a seller!
Median Price in Bend
The median price in Bend stayed pretty much the level of last month . . . right at $260,000.
For that price, one could perhaps get a home like this 3/3, 1800 square foot home in RiverRim. With wood flooring and vaulted ceilings, it went for $144/square foot.
Going Forward
I worry a bit . . . not that we’re headed to another bubble or unsustainable increases. And the Central Oregon unemployment figures have actually improved. Instead, I worry about impacts the fed will make in an improving economy . . . things that will hammer the stock market and cause interest rates to rise.
More on that later . . . I’m going for a paddle.
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