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.
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.
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.
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.