Great news for the central oregon real estate market

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!

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3 comments

  1. I always appreciate real estate market analysis from other parts of the country. It’s interesting to note that although fewer homes were sold, the market price average still increased in some areas significantly. Do you have any thoughts about why this was the case?

  2. cherismith · · Reply

    Sorry for the delayed reply. I appreciate your comment! I think one of the main reasons is we still have many people moving to Central Oregon from other states like California and prices are still good here compared to what they’re used to paying. They don’t really balk at our prices. I was quite surprised that the median/average prices have remained relatively constant because we are seeing price reductions all over the place but I came to a conclusion…. property values have come down so that means someone can buy a nicer house today for $500,000 than they could in 2006. That person still has the same budget for a house but they’re able to get more for their money. They’re still spending $500,000 though so it appears statistically like prices have remained the same. Does that make any sense? I can understand it in my head but explaining it……

  3. David Ambrose · · Reply

    Cheri,

    Glad to see you’re out there marketing.

    David Ambrose
    drambrose@ambroselaw.com

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