There are currently 1120 properties for sale in Bend, 185 contingent sales, 359 pending sales, and 178 homes sold in March. The median sales price in Bend is $205,500, up from $193,000 in February. Overall days on market for all sales was 162.
There are 85 bank owned homes for sale, 107 pending bank owned sales, and 69 bank owned homes sold in March. 34% of the sales in March were bank owned properties. The average days on market for bank owned homes was 90, which includes time in escrow, typically 30-45 days if the buyer got a loan.
Short sales make up 208 of the homes for sale, 178 contingent sales, 120 pending sales, and 42 of the homes that sold in March. Overall, 62% of the sales were distressed properties (bank owned or short sales) while only 26% of the homes for sale are distressed. The average days on market for short sales was 256.
View the complete statistics: March 2010
I’m really curious to see how the new Home Affordable Foreclosure Alternatives (HAFA) program affects short sales in our market. It sounds like a great program and several of the key banks have agreed to participate. From my experience with HAMP, I’ll just say that sounding like a good program and actually being a good program are very different things. HAFA allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds). If the lender agrees to a short sale, the borrower/seller must be fully released from future liability for the first mortgage debt (no more promissory notes or deficiency judgements allowed) and there are strict timelines the lender must follow for approving the short sale once an offer is received. If it all works out, we should see the days on market for short sales go down drastically.