Real Estate Prices
The Bend Oregon Real Estate market continues to stumble. The Bratton Report which is produced by Mike Caba - Bratton Appraisal Group shows that the median price of homes sold in Bend Oregon for the month of May 2008 were down approximately 23% from May 2007. The median price in May 2007 was $396,000. May 2008 median price was $303,000.
The report did show that the peak median price of homes sold in Bend during the Bull real estate market was in May 2007 so it is a tough comparison. It seems that the median price lags behind the reality of the market in Bend. The median price in November 2006 was $305,000 so we are back to 2006 prices.
The number of homes in Bend sold during the same periods was down approximately 36%! There were only 102 homes closed in May this year as compared to 159 last year.
It looks like 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 lived in Bend Oregon since 1981. Call 541-389-4511 or see his web site http://www.bendoregonrealestateexpert.com . To see more information on Bend Oregon click on the link below. http://bendoregonrealestateexpert.com/bendoregon.asp
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