There were 183 residential properties in the greater Bend area (Bend, Tumalo and Alfalfa) reported sold to the MLS of Central Oregon for August.
This is good news when compared to July's anemic 145 units sold, but it is still the lowest sales volume for the month of August since at least 2001.
To help put things in perspective, there were 239 residential units reported sold in August 2006. Before last month, the lowest number of reported sales in August since 2001 was 221 in August 2002.
There are currently 2324 residential properties listed for sale in the greater Bend area. At August's sales rate, this represents an absorption rate of 12.7 months. A market is generally considered balanced when 5 to 6 months of inventory is available. Needless to say then, we're still in the thick of a buyer's market.
On the pricing side, the median reported sale price in August was $350,000. This is 7% below August 2006's median price of $377,495 but up 4% from July.
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