Real Estate is Booming In Bend Oregon

Bend Oregon Real Estate is booming again.  Home prices are rising and the rental market is extremely tight.  Inventory of homes for sale is low and there is a shortage of affordable rentals.  A recent report by KTVZ, Bend's local TV station, was titled: C.O. rental crunch: The squeeze is on.

Property owners gain while others face hardships.  They reported the vacancy factor is around one half of one percent.  The working class is having a hard time finding affordable housing again.

Meanwhile the construction industry is back to full production.  Tracy Thompson owner of Tyee Development said construction costs, both labor and materials, are up 10 to 12 percent over last year.

Bank Foreclosures are almost none existent this year.  One reason for the lack of foreclosures is that prices are starting to catch up with owners property who were previously underwater.

To search the Central Oregon Multiple Listing Service click here.  Free MLS Real Estate Search.

Bend Real Estate Prices Rise in 2012

Bend Oregon Real Estate prices rose in 2012.  Home sales in Bend were up in every category.  The average sales prices was $263,556, up 10.65% from 2011.  The median sales price was 220,395, up16.00%. BEND OREGON MLS SEARCH 

The number of short sales was down 15.77% while bank owned homes were down 28.47%.  There were 299 bank foreclosed homes sold compared to 418 in 2011.  The banks have been more open to short sales in the last few years.  That results in a reduction of foreclosures.

Dollar volume of homes sold was up 30.10% while the number of homes sold was up 17.58%  The averalge days on the market was 132 down 4.35% from last year.

Statistics can be boring but the bottom line is now is the time to buy before prices and inventory goes down even more.  Interest rates are at historical lows and there are still some exceptionally good buys on the market.  Current prices are a little over 50% of what they were in 2006.

If you would like see current foreclosures for sale click here.  This link is updated daily.
BEND OREGON BANK FORECLOSURES

Call or e-mail if you would like to look at homes in Bend or Central Oregon.

Distressed Home Sales Fall in Bend

Bend Oregon bank foreclosures and short sales (distressed sales) dropped to a 4 year low for the first half of 2012.  However, they still represented 43% of the total sales.  Bank foreclosures are falling rapidly as more and more banks are allowing short sales.  Short sales can still be a can of worms but if you have an expert broker working for you they are workable.

It's the first time since 2008 that distressed sale in Bend have dropped below 50 percent for the first six months of the year.  It looks like prices are starting to stabilize in the over all Bend real estate market.  While some neighborhoods continue to fall in price some are now rising.

A recent analysis I performed showed homes in the very popular Northwest Crossing neighborhood rose 4% in the price per square foot while the average size of the homes sold fell.  Median price is used a lot my statisticians but it can sometimes be conceiving. The huge homes of the past are not as popular as they used to be.  Plus, smaller homes usually sell for more money per square foot. 

A market analysis I did for a client yesterday on The Parks at Broken Top showed there were only 3 homes currently for sale in that neighborhood and there were 5 pending sales.  There had been 17 homes sold within the last year in the Parks.

We looked at a very nice home Friday and my client was considering making an offer.  It had been on the market 7 days.  In checking with the listing agent I found it had two offers on it of which one was accepted.  It sold the first week.  We are currently seeing multiple offers on homes that are priced well.

If you are interested in foreclosures or short sales click on the following link and you can search the Bend Oregon Multiple Listing Service.  or visit our web site for more information.  Bend Oregon Real Estate Expert.

Bend Oregon Bank Foreclosures Are Selling Fast

Bank foreclosures in Bend Oregon are selling fast.  It looks like we are seeing the bottom of the real estate market here in Bend.  We are seeing multiple offers on new listings that are priced right and not just bank owned homes either.  Here's a YouTube video on foreclosures.

If you are in the market to buy a home in Bend you should consider bank owned homes.  The number of bank owned homes on the market is going down however.  There are currently only 20 homes for sale in Bend with 47 pending sales in escrow waiting to close.

Interest rates are at an all time low and prices are over 50% below 2006 prices.  Now is the time to buy.  You can see a current list of bank owned homes for sale on our web site.  The list is updated daily!   Call us today.  We are experts in helping our clients find and negotiate a good price on bank owned properties as well as conventional listings.