Bend real estate market $250K & under 1st quarter review

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.
What does that tell you about our market?  There are less active listings then there are pending sales.  This is the reason for the many multiple offer situations that were running into in our Bend real estate market.  If a property is priced right in this market, it will sell quickly.  But properties that are overpriced are continuing to stay on the market.

Days on Market for Bend

chartslax.rapmls.com.png

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

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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.

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12 Comments

  1. Great post. I have noticed that the banks are accepting much lower payoffs now for short sales. I think this is going to be good for all real estate owners.

  2. Sounds like a tremendous rebound for homes in Bend.
    Looks like the prices will climb this year. I know a guy
    in Bend! From Nova Scotia. Jason Pigot – He operates
    a moving company. He must be busy!

  3. So many families have lost their homesover the last few years through foreclosures that any bit of news about the property recovery is always encouraging. Sure takes the pressure off from the banks for many living on the edge with the high unemployment situation. Hope the recovery stays…

  4. Many homes are now seeing multiple offers in the $200K and under price range. I just called on 2 new listings today, both already have multiple offers after coming on the market this morning. Now may be the time to buy in Bend if you’ve been sitting on the fence.

  5. Definitely homes at the $200 and below end of the market are seeing increasing sales figures due to lenders lsightly relaxing their criteria both in terms of required deposits and rates. Is this finally the start of the worldwide real estate revival many have been expecting.

  6. Good news! Real estate markets throughout the nation are improving, not all as quickly as others, but this year marks the first year in a long-time where the phrase “now is the best time to buy” is true. In many markets, if you wait, you’ll end up paying a lot more for the same home, and interest rates are still amazing.

    New homes are even selling and new home inventory is at about 5.3 months, which could represent a shortage if the resale market keeps up it’s pace (in most markets).

  7. We’re seeing robust growth in that market as well, even going up to about $300k. In one new home community here, the builder is selling new homes as fast has they can build them. They are view properties in the high $200′s, with a great location. That combination seems to be a hit, but other neighborhoods in a similar price range are doing very well now also. Prices aren’t really rising yet, however.

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