When I compile my real estate statistics, I include single family homes, townhomes, condos, multifamily homes, and farms. Some people only include single family homes, townhomes and condos. I prefer to look at the big picture and track all of the real estate activity. If you’re interested strictly in homes, townhomes, and condos, those numbers are included at the end of this post. Sales were up a little for April, compared to March and February. Check out this incredibly technical table I created:
More detailed statistics for April can be viewed here: April-2008
The price range seeing the most activity is still $200-$250,000. In that range, out of 195 homes for sale, 35 sold. That’s roughly a 5-6 month inventory. They say when the absorption rate is around 6 months you have a balanced market, meaning the market doesn’t favor either the buyer or the seller. The absorption rate is most accurately used to look at the market as a whole and not just a certain price range, but I simply want to show that certain segments of the Bend real estate market seem to be turning around. The slowest is the $900,000 plus range. Of the 222 homes for sale over $900,000, only 4 sold during the month of April. Now that’s around a 55 month inventory. Ouch. I suppose I’ll hold off on buying that Audi wagon. I think it’s very interesting to note that for a long period of time, the million + price range remained relatively untouched by the down turn in the market. Not the case anymore. The market as a whole has roughly a 19 month inventory (calculated by taking the number of active listings divided by the number of homes sold).
For those of you only interested in homes/townhomes/condos, here you go. Basically, we have additional inventory in multifamily properties and farms but they don’t affect the sales much.