I’ll cut to the chase – 2012 Bend home values increased 15% from 2011 values. We saw big changes in the market, most notably a shift from a buyer’s market to a seller’s market. We have fewer than 3 months of inventory compared to nearly 14 months in 2006.
The two charts below show the average sales price as a percentage of the list price. The chart on the left includes all price ranges. The chart on the right includes homes that sold for $250,000 and under. In both cases, well priced homes that sold within the first 30 days received top dollar. In the lower price ranges, many sellers are receiving multiple offers within the first few days after listing and they’re getting more than the list price. This can largely be attributed to the low inventory in Bend, especially in the $250,000 and under price range. This is largely responsible for the increase in home values. Sellers often wait until the spring to list their homes because they’re under the impression that buyers aren’t looking in the winter. I can assure you, buyers are looking right now and they’re really frustrated that they don’t have more homes to choose from.
Of the 2,284 homes that sold,
- 378 were bank owned properties (17%)
- 449 were short sales (19%)
- 1,457 were traditional, non-distressed (64%)
This is a significant change from the past several years. (Note that in 2008 the MLS did not give us the option to choose from short sale or bank owned homes so these #’s are not easily trackable.)
To break down the sales further, of the 1457 traditional sales, the median sales price was $270,000. The median sales price for bank owned homes was $179,950 and it was $179,000 for short sales. It would be easy to look at these numbers as a buyer and think that the best deals are the short sales and bank owned homes but an important thing to consider when comparing the median sales prices is to compare the number of higher priced homes that sold. Only 4% of the bank owned homes that sold and 4% of the short sales that sold were valued at $500,000 or above. 11% of the traditional sales were at $500,000 or above.
Search all Bend, Oregon homes for sale, view market statistics, or find out what your home is worth by visiting my website: www.findbendhomes.com