Bend Real Estate Market Update

More Sales & Higher Median Price for May

According to the Bratton Report, (a Central Oregon real estate market report published by Bratton Appraisal), home sales numbers were up in Bend for the month of May.  The report shows that 102 homes sold in Bend in May, compared to 91 sales in April.  The number of sales should continue to rise through summer, our busiest "buying season".

Along with the rise in sales, the median home price rose in Bend as well.  The median home price jumped from $270,000 in April to $303,000 in May.  In my opinion the median home sales price is up in Bend due to people relocating to the area and buying higher priced homes.  The report shows that 56% of the homes sold were still in the $150,000-$300,000 price range.  The median price doesn't necessarily mean that home values are up in Bend, but rather that more buyers are purchasing homes in the higher price range. 

Have we hit bottom?  I think we're getting close, but probably not there yet.  Although most buyers that wait for the bottom will probably miss it.  We usually don't know when the bottom has been reached until a couple of months later. 

Bend Real Estate Inventory

According to the Bratton Report, there were1226 home sales from May 2007- May 2008 in Bend.  With the Bend real estate market inventory sitting at 1519 listings, as of May 2008, we have a 15 month supply of homes.  Depending on how many more sellers list their homes this summer, our inventory should be stable or drop slightly this summer. Our inventory going down will be a sign that our market is on the rebound. 

There were only 23 building permits pulled from the city in May.  With less spec homes going up, our inventory should start moving downward soon.

* The Bratton Report statistics are based on Single Family Residences, excluding Condos, Town homes, Manufactured Homes, and Acreage.

If you'd like to receive a copy of the Bratton Report for all of the Central Oregon real estate markets, please contact me.

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: