208 Sales in Bend
September, maybe the nicest time of the year here, marked the fifth consecutive month that the Bend real estate market has registered 200 sales or more.
Median Price in Bend . . . $298,500
The latest available figures show that median price in Bend has soared to $298,500 in September . . . that’s up more than 12% from August’s number. It’s also the highest figure in more than 5 years (June of ’08), but still off those crazy days of the summer of 2007, when the median hit an astronomical $396,000.
Distressed Properties in Bend
Despite all the dialogue of “shadow inventory” and the impending impact of the “right of redemption” expirations on judicial foreclosures (too much “realtor jargon”), the number of distressed property (4 bank-owned, 7 short sales) sales remained remarkably low . . . barely 5%. For comparison sake, just a year ago that number was running at 38%.
High End Bend . . . $1,225,000
Just as our peerless pundit prognosticated last month, we saw a bit more movement in higher end properties in Bend . . . four homes sold for over a million dollars–the first time that’s happened in years.
The winner was a 3 bedroom, 4.5 bath, 4100 square foot home that sold for $1,225,000 or $298/ square foot; it was located on the fourth hole of Broken Top’s Weiskopf/Morrish track.
The home is a “work of art,” featuring hand-carved gates,
cabinetry, and beams. It closed in just 87 days at full list price.
Price Point in Bend . . . $101,000
It’s very difficult to find homes in Bend now for less than $200,000 (see the chart at the top of the page). But, for September the loss leader was a “cute” (their word, not mine) home featuring new appliances, carpet, and paint.
The 2/1, 716 square foot house, built in 1940 sold at $141 per square foot. It sat on a .25 acre lot with fenced yard.
Median in Bend Oregon Residential
For the median price of $298,500, one could expect something like this single level on the west side of Bend . . .
it’s 3 bedrooms, 1 bath, and 1080 square feet. It sold at $282 per square foot in 77 days.
I guess it just goes to show how popular the west side currently is.
Going Forward with Bend Real Estate
We’ll start to see inventory levels rise a bit overall . . . there are presently 3.1 month’s supply (still a “seller’s market,” but the highest level in more than a year). Of note, is the low end inventory (under $200,000) has all but disappeared over the last 6 months; it’s off by 60% over September of 2012. Homes in the $200-350,000 range (the inventory in this range is up a shocking 64% from a year ago) will languish a bit longer on the market.
We’ll most likely see a slowing in the increase of prices, a slight deceleration in sales (we’ll still get 200 next month!), and surely the median price will fall a bit.
What a great place to live!
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