Home Prices in Bend are Up in August - Here's hoping it's a trend!
The Bend Bulletin posted the following article this morning, "Home prices in Bend, Redmond rebound:
The median sales price of a single-family home in Bend bounced back up last month to $190,000 after diving to $175,000 in August, according to a report Tuesday from Bratton Appraisal Group of Bend.
While September's median was 8.6 percent higher than August, it was still 4.5 percent below September 2009, when the price was $199,000.
Redmond's median sales price also rebounded in September, rising 19.6 percent from August to $122,000. But that was down 21.3 percent from the September 2009 median of $155,000.
Bend's peak sales price was $396,000 in May 2007. Redmond's was $289,000 in November 2006.
Bratton's numbers do not include condominiums, townhomes, manufactured homes and acreage.
In Bend, the median sales price per square foot — considered in the industry to be a better measure of value — was $108 in September, up from $99 in August, but down from $113 in September 2009. In Redmond, the median sales price per square foot rose to $76 from $70 in August, but was down from $86 a year ago.
I personally have seen an increase in activity from both buyers and sellers. In addition to these numbers, there are currently 95 bank owned homes listed for sale in Bend. With the nationwide halt to foreclosures by several national lenders we may see a decrease in bank owned homes hitting the market in Bend. Not all lenders are halting foreclosures so the constant stream of bank owned homes hitting the market in Bend may be here to stay. Since Sunday 10 foreclosures have come on the market. Either way, it's a good time to buy a home in Bend!