There are currently 1546 active listings, 236 contingent sales, 211 homes pending, and 153 homes sold in August 2009. The median sales price is $225,000. I think it’s interesting that there are 326 homes for sale under $200,000 yet that’s not the most active segment of the market. The majority of the sales are over $200,000. Affordability is an issue in Bend. Now we have homes available for less than $200,000 but buyers are focusing on the higher priced homes. We even have about 100 homes for sale under $150,000.
Of the active listings, 86 are bank owned and 309 are short sales. Of the pending sales, 62 are bank owned (30%) and 40 are short sales (19%). Roughly 50% of pending sales are distressed sales. Of the homes that sold in August, 56 were bank owned (36%) and 26 were short sales (17%). Roughly 53% of the sales in August were distressed sales.
Some people like to gauge the market in terms of months of inventory. When the market is viewed this way, certain price ranges are doing much better than others.
Under $250,000: 470 active listings/88 sales = 5 months inventory
$250,000 – $500,000: 582 active listings/50 sales = 11 months inventory
$500,000 – $1million: 359 active listings/13 sales = 27 months inventory
Over $1million: 135 active listings/2 sales = 67 months inventory
While the number of sales in August 2009 is up compared to August 2008 (when just 117 homes sold) the current median sales price of $225,000 is down from $282,900 in August 2008.
If you’re a first time buyer, there are only 70 days left to take advantage of the $8000 tax credit. Remember, you must close on the purchase of a home by November 30, 2009.
View the complete statistics: August 2009