I received another Regional update from a HomeGain agent, Jim Johnson in Bend, Oregon. Hereâ€™s what he had to say:
Bend Oregon Real Estate Market Update â€“ Median Price of Homes for Sale down 23%
Home prices in the Bend, Oregon real estate market continue to fall. The Bratton Report which is produced by Mike Caba â€“ Bratton Appraisal Group shows that year over year the median price of homes for sale in Bend Oregon in May 2008 were down approximately 23% from May 2007.
The median price for homes for sale in May 2007 was $396,000 versus May 2008 when the median price was $303,000.
The report indicated May 2007 was the height of the Bend real estate market in May with the highest median price of homes, so itâ€™s a difficult comparison. Median price for homes for sale in Bend seem to lag behind the real market in Bend. In November 2006 the median price of homes for sale in Bend was $305,000 essentially returning us to 2006 prices.
From May 2007 to May 2008 the number of homes in Bend sold was down approximately 36%! In May 2008 there were 102 homes closed versus 159 May 2007.
It appears that home prices will continue to fall for the rest of this year as I am seeing limited buyer activity and more short sales and bank repos coming on the market.
This year looks like a good time to buy. Unless our national economy goes in the toilet, I look for prices to bottom out next spring.
Jim Johnson has been a resident of Bend Oregon since 1981. You can visit his web site at www.bendoregonrealestateexpert.com or contact him at (541) 389-4511.
For more regional and local real estate market updates, visit the HomeGain Blogâ€™s Regional category.