For those of you that have been holding out on buying a home because you wanted to wait to see what the market would do, the results are in for 2007. According to the Central Oregon Association of Realtors, the median sales price for single-family homes in Bend held steady at $349,000, not far off the median sales price for 2006, which was roughly $351,000. The total number of homes sold in 2007 fell 27% to 1,223. This puts Bend at sales levels last seen in 2003.
Other Central Oregon cities fared similarly. In Redmond, 419 homes sold with a median price of $253,000. Nearly 44% fewer homes sold in 2007 compared to 2006 and the median price was down 2.7%. Sales dropped 51.5 percent from 2006 levels in La Pine; 52 percent in Jefferson County and 46.5 percent in Crook County. But, unlike Bend and Redmond, median prices rose in all three of the smaller markets, climbing 8.75 percent in La Pine, to $199,000; 10.2 percent, to $179,900, in Jefferson County; and 9.55 percent, to $210,000, in Crook County.
I consider this to be great news and I’m very optimistic about 2008!