Bend real estate statistics – Q2 2013

The median home price at the end of June 2013 was $263,400, up 28.49% from the same time in 2012. The average sales price was $309,249, up 25.07% from the same time in 2012.

Image

Through the 2nd quarter of 2013, 1054 homes sold in Bend, an increase of 11.3% from the same time in 2012. 228 of those homes were brand new construction. We currently have 2 months of inventory, based on closed sales, which is still a strong seller’s market.

YTD Q2 2013 table
Of the homes that sold, 108 were short sales (-46% from 2012) and only 47 were bank owned (-77.51% from 2012). Although we have seen a drastic reduction in the number of short sales and bank owned homes that have sold, I don’t think we’re out of the woods yet. Many homeowners now have equity thanks to the rapid appreciation we’ve experienced and they can now sell without having to do a short sale but each week I receive a report that shows the number of new defaults and foreclosure notices and homeowners are still defaulting on their loans. We also have the shadow inventory you have likely heard about, which includes a pool of homeowners that have missed payments but have not been foreclosed on yet. Many of those homeowners will attempt a short sale to avoid foreclosure.

Image

These statistics are for stick built homes in Bend zip codes 97701 and 97702 and do not include manufactured homes, condos, or townhomes. All statistics come directly from the Central Oregon MLS.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: