If you’re not in the market to buy or sell a home, you likely don’t know how well certain segments of the Bend real estate market are doing. The media is hinting that we’re close to the bottom and it seems like the economy has made a turn but they’re usually discussing the economy and real estate market on a national level. The local real estate market is doing quite well.
Here are the Bend real estate market statistics for July 2012. The median sales price in July 2012 was $246,000 which is up 15% from one year ago. At the end of July 2012, there were 625 single family homes for sale, compared to 2262 homes for sale in July 2008, when inventory levels were at their highest. We currently have a 3.5 month housing supply, down significantly from the 1st quarter of 2009 when we had a 25 month supply. Under $250,000 we’re seeing multiple offers and homes are selling for more than the list price. It’s incredibly frustrating for buyers that want to purchase a home when they repeatedly lose out to cash buyers or other buyers that are qualified for a higher purchase price. There simply aren’t enough homes to meet the buyer demand under $250,000.
Even in the $250,000 – $500,000 range a decent number of homes are selling. 85 homes sold in this price range with the majority of sales occurring on the west side of Bend. Only 17 homes sold over the $500,000 mark.
If you’re curious about home values in a particular neighborhood, shoot me an email and I can send you a report. (Click the table below to enlarge it.)