Bend Real Estate in the News

31 07 2008

Bend touted for home ‘bargains’ – one for $6 million

This five-bedroom, seven-bath chateau style home in Broken Top gated community can be yours for $6 million
This five-bedroom, seven-bath chateau style home in Broken Top gated community can be yours for $6 million

Broken Top home no longer priciest on the market

By Deanne Goodman, KTVZ.COM

Bend is in the national spotlight again, this time hailed as a great place to buy a home.

Tuesday’s USA Today article features one of the most expensive homes in Bend. But while the $6 million dollar Bend home was the most expensive on the market when the article was written, it was not by the time the paper hit newsstands. In that short time a more expensive home went up for sale.

With so many homes for sale right now, brokers say bargains are everywhere.

Could a $6 million home be considered a bargain? In another city definitely, but in Bend it’s among the most expensive homes ever on the market.

“With a property like this, we do need to reach out to the rest of the country and hit those high-end buyers” broker Dan Reedy said Tuesday.

The home has a wine cellar, golf course views, a media center and granite imported from Italy. Lucky for Reedy, the Broken Top property, on the market for about three months, got free national exposure in Tuesday’s edition of USA Today.

The article pinpoints Bend as a great place to buy a home. Realtors couldn’t agree more.

“It’s definitely a buyer’s market,” said Tom Greene, president of the Central Oregon Association of Realtors. But he added, “If you have to sell, you have to be realistic. Our market is down anywhere from 29 to 39 percent. ”

Sales are down as well, but Greene believes the market will bounce back in a couple of years. “We hit that $270,000 median price two months ago, and now its back to up to $315,000.”

Greene says the only drawback to buying now is facing the overwhelming decision of choosing just one.

“The problem I’m seeing with Bend is that there’s 2,300 homes on the market,” he said. “Buyers are having trouble making up their minds.”

Whether it’s a high-end home or one closer to the median price, Realtors have the challenge of luring interested buyers, even in a scenic city like Bend.

USA Today takes a look at housing markets across the U.S. each week. Las Vegas gets the attention in next week’s article.


April MLS Statistics are up

12 05 2008

Statistical Fun

I added a page for the April Multiple Listing Service statistics.

Just a quick run-down of what the numbers say though:

In March the number of pendings was 5.3% of the actives (1892 active listings and 100 that went pending)

In April the number of active listings continues to increase (which means more inventory to get rid of) but the number of pendings increased in a slightly greater percentage than the actives. With 7.7% of the actives going pending.

Keep in mind that trying to compare month-to-month statistics, which are volatile (at best), isn’t necessarily a true indicator of what is going on in the market. The numbers can fluctuate immensely from month-to-month which is why comparing year-end statistics is a more accurate approach. However, since it’s only the beginning of May, and we’re trying to get a handle on what is going on in the market currently we have to work with what we have.

The encouraging section of these statistics are the homes in the $200,000-$350,000 price range (which, if memory serves correctly, was the price range of the majority of new developments that flooded the area over the past couple of years.)  The pendings in this price range are 10.1% of the actives.. still a far-cry from being a thriving Sellers Market.. but there is more inventory moving in this price range than any other. (good news for the first time home-buyers or those wanting to purchase investment homes in this price range)

Click here for the full PDF of statistics