Bend Oregon Real Estate Market update
In the past month we’ve seen the Bend real estate market heat up! All signs are pointing to the bottom. We’re seeing multiple offers on many properties and interest rates are slowly climbing. Both are signs that we’re close or at the bottom of our real estate market.
Foreclosures and short sales are still the majority of our business, but normal owner occupied homes are starting to sell as well. Earlier this week a normal listing that I showed had 2 offers on it within the first couple of days it came on the market and is now pending sale.
Here is a quick glance at the current Bend real estate market.
1622 ACTIVE Residential Listings (single family stick-built)
217 PENDING Residential Listings (single family stick-built)
119 SOLD Residential Listings in the past month (single family stick-built)
The median sales price in Bend is up as well. It jumped up from $195,000 to $217,000 in May, and will probably be higher for June.
Now REALLY is the time to buy. Take advantage of the inventory and interest rates while it lasts. Our market is heating up with the arrival of summer.
All signs? So we are having less notices of default sent out than sales again? More arms-length transactions than short sales and foreclosures? Unemployment is down? There is less than 6 months worth of inventory? Sweet. Oh… wait….
Not even close.
Love to hear the good news! This is the perfect time for potential buyers to make that final decision before prices rise anymore.
@ PopGoesBend
Signs are pointing to the bottom for home prices. This doesn’t mean that we’re not going to see more foreclosures or a sellers market. Things are still going to be tough for sellers, but most experts will agree that prices aren’t going to drop much more if at all (especially in the $300K and below range). Out of state buyers are flocking to Bend and we’re seeing multiple offer situations on many listings.
Great news! Hopefully things get busy!
It’s great to see that things seem to be starting to level out in your market. Hopefully, the good news will continue to spread throughout the country.
It is wonderful news to hear that housing seems to be turning the corner in your area. Around here we are having an upswing too, hopefully its not a seasonal swing but a permanent shift.
Glad to see the market is moving. This is a great time to buy with rates so low!
Dylan,
It is great to see that things are settling out there in Oregon. Goode news in the real estate market is to me good news for all.
That is awesome news! Things are “heating up” in Texas as well.
Good to hear that home sales in Eugene are on their way up. Austin sales are doing better this summer also. We have lots of 1st time home buyers looking to take advantage of the $8000 tax credit.
Great news! I am hoping that this is a sign that things are bottoming out and Realtors across the country can get back to work.
Wonderful update. Its nice to see that real estate market is improving now. Good work.
Great news! I have always heard positives about Oregon real estate. thanks for the post!
VERY few people are buying anything today that isn’t a short sale or an REO property (I define this later). Why? Because everyone is looking for a great deal but the only great deals out there are in the hands of the banks. Anyone who purchased a property from 2005 to 2006 is “upside” down, meaning that they owe more money than the property is worth, so they are unable to sell the property at today’s prices without “writing a check to the bank” or negotiating a short sale
This is good news. Hopefully if mortgage rates stay down the market will continue to improve. We have been seeing better statistics for the last two months.
As goes Oregon, so goes the rest of America. I wish.
glad to hear the good news from your part of the world.
Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix.
1. A mortgage lender friend of mine says that April will be his best month since 2005.
2. I wrote purchase contracts on two different properties today and received offers on two different listings this weekend. This constitutes the busiest weekend I have had in four years. One of the offers I received was for full price.
3. My wife, an escrow officer, says that April will be her busiest month since 2005. About 50% of the transactions are refinancing of existing mortgages and 50% purchase contracts. Yes, most of the contracts are of lower priced foreclosures but its still promising to see that so many people believe prices now “make sense”.
4. We have received more buyer leads over the last two weeks than we have in four years.
5. We are finding properties priced low enough that one can easily enjoy positive cash flow if they buy and then rent the property out.
I’m not saying that we can now declare that the bust is over and full steam ahead but if things keep going in this direction we very well may be seeing the beginning of a recovery.
Wonderful news! I know things are getting better here in Texas! We hardly ever have a day off and I like it that way!
Glad to hear the good news. You are correct, now (if you have the cash available) it is a good time to buy as you will be buying cheaper although I would recommend caution. Thanks.
Nice information.It is really good news to investors. They should really take some initiate since market can change its direction any time.Its good time to invest in real estate market.
Great news. It looks like the situation with real estate market is improving.
Glad to see your market is also beginning to recover. As a Realtor selling Phoenix homes and condos I have seen a large chunk of our traffic coming from two primary types of buyers. Phoenix home buyers tend to be either first time or investors. The problem we may be facing is the potential slow down that we will likely see when the first time home buyer tax credit is stopped. I sure hope it is extended. For all those potential first time buyers, do not hesitate and miss out on one of the greatest opportunities that will soon disappear,
John Landry - Phoenix Realtor
Now is a super time to buy in your market place. In tiny Manitowoc, WI we don’t see swings much. I’m curious, what is the average time on market in Bend, OR?
I am not sure whether the real estate market is towards improvement.People are not interested to sell their houses as the price they had given is too high than what the price now.but there is no options as well.Good information provided.
The only thing that I see is that there are some positive signs. Real estate market has started improving. Soon there will be a price rise and it is best to invest these days especially if you are looking for some luxurious property.
This looks like good news for Bend. I’ve read several articles where different parts of the U. S. are starting to recover such as Austin, TX. Hope this turns out to be the real deal.
For sure it will continue improving not only in Oregon but all over the Country as the conditions and situations of the real estate market is going stable these past few months.
The situation in Bend is almost identical in SoCal! Yeah we still have NOD filed, foreclosures coming out on the market, and unemployment issues, however overall affordability is at an all time high! Interest rates are historically low, home prices have adjusted from their peak, and there are great tax incentives to take advantage of. If home prices fall 10% and interest rates increase by 0.5%, the payment is essentially the same. I see interest rates going up before they go any lower.
Sorry, I know I’m kind of late to join the discussion, but I’ve been catching up on my blog reading after a crazy summer and fall and it’s just so uplifting to see good news! It seems like many markets are reporting positive signs, so let’s keep our fingers crossed!
Hopefully there are people who are being smart when considering buying into the property game and making sure that they got ht finances for a realistic house they are after (no mansions for low income people). The best advice is to save as much money as you can as the bigger the down payment the better interest rate the lenders offer.
i Agree with 1st choice mortgage services, less interest rate the better lenders offer, the better life you live
I think what you are seeing in Bend is happening around the country. Hopefully, we are all going to see a change in the market.
After the long winter, it’s difficult for some to beleive we are seeing the end of the price reductions, but we are experiencing the sam in the real estate market here in Indianapolis. Homes with multiple offers, less foreclosures and bank owned homes available and the price point is inching up.