Bend Real Estate Market Review
Wow… This year has started off with a bang! Inventory is down, and properties are selling quick! Just yesterday I wrote an offer for a client on a property that had 15+ offers on it in 2 days, and recently called about a REO foreclosure listing that had 31 offers on it within a few days. Amazing…
The market moving the fastest right now is the $250,000 and under market. We’re seeing homes sell the minute they come on the market in this price range. Currently, this is a breakdown of the MLS statistics for the $250K and under price range for stick built homes (excluding condos, townhomes, manufactured homes, etc).
- 157 “Active” listings
- 88 “Contingent Short Sale” listings (meaning that its a short sale with an offer accepted by the owners, but the bank hasn’t accepted the offer yet).
- 244 “Pending” sales
- 292 “Sold” listings since Jan. 1st, 2012.
Days on Market for Bend
You’ll notice that the average “days on market” looks like its high as 41% are over 120 days. Don’t let the Days On Market number fool you. Many of these listings are short sales that take around 120 days to get closed from the time that there is an offer on them. It doesn’t mean that all of these Bend properties were on the market for 120+ days without offers. Most of them had offers well before 120 days, but took 120+ days to close escrow. (Short sale approvals can take 2 weeks, 6 moths, 2 years, or anywhere in between, but the average short sales approvals we’re seeing are taking about 90 days for the approval and another 45 days for closing)
Selling Price compared to List Price of Sold Bend Homes
Notice that the average selling price is almost the same no matter how long the property has been on the market? If you think you’re going to buy a foreclosure for 50% of the listing price, think again. Many foreclosures in this price range are seeing multiple offers and are selling for more than the listing price. The offer I wrote yesterday was for $20,100 over the listing price of $89,900, yet my buyers offer was rejected because there was at least one offer that was higher.
If you have any questions about the Bend real estate market, please contact me.