The Bratton Report which is produced by Mike Caba Bratton Appraisal Group shows that the median price of homes sold in Bend Oregon for the month of May 2008 were down approximately 23 percent from May 2007. The median price in May 2007 was $396,000. May 2008 median price was $303,000.
The report did show that the peak median price of homes sold in Bend during the Bull real estate market was in May 2007 so it is a tough comparison. It seems that the median price lags behind the reality of the market in Bend. The median price in November 2006 was $305,000 so we are back to 2006 prices.
The number of homes in Bend sold during the same periods was down approximately 36 percent! There were only 102 homes closed in May this year as compared to 159 last year.
Bend Oregon homes are selling if they are priced right! I just closed another escrow on the sale of a home in SE Bend. It was on the market for less than 60 days and the owners had their cash in 71 days. It was a good older home that needed a little work but it was priced right.
I closed a home last month on the golf course at Rivers Edge for $629,000. The buyers are from California and feel they got a great buy. I also closed another home last month that sold to different California buyer. They bought a beautiful home in SW Bend that is close to the Deschutes River.
The Bend Oregon real estate market is slow. There are not many serious buyers. But homes that are priced right are attracting buyers and sellers are selling their homes if they are priced right.
The economy does not look good. Gas prices are high and don't look like they will be coming down any time soon. The local news papers are starting to hint at a "little recession" and unemployment seems to be going up. On top of all of that the stock market is still coming down.
It looks like prices will continue to fall for the rest of this year as I am seeing limited buyer activity and more short sales and bank repos coming on the market. This year looks like a good time to buy. Unless our national economy goes in the toilet I look for prices to bottom out next spring.
