The Bend, Oregon real estate market is showing signs of life this month. February, a notoriously slow month, has already seen 42 residential home sales and 144 pending sales. The majority of the single family homes being sold and currently pending fall under the $300,000 mark. The average sells price of the 42 homes sold in February is $250,000. With Spring just around the corner I expect these number to continue to improve throughout the summer.
Bend, Oregon homes for sale continue to be effected by the increasing number of foreclosures and short sales in a negative fashion. This price pressure will continue until the foreclosure rates decrease and return to normal levels. The good news for home buyers is the rent versus buy scenario has finally become a reality in Bend, Oregon.
I believe the Bend, Oregon real estate market will continue to struggle for luxury homes and homes with acreage for some time. We just have not seen much activity for these properties despite some great values with these types of properties.
As long as mortgage interest rates remain low, home prices continue to sag and the availability of credit continues to ease, our market will continue to show signs of life. Add in the $8,000 first time home buyer tax credit and we might get the spark to sustain a real comeback.
Troy Batson is a Licensed Broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ Bend, Oregon