Typically Busy Summer Selling Season Never Got Off The Ground
From July 1 through the end of September, just 478 residential properties were reported sold to the MLS in the greater Bend area (Bend/Tumalo/Alfalfa). This includes houses, condos, townhouses and manufactured homes. By comparison, there were 624 reported sales during the same time period in 2006. This represents a decrease in sales activity of 23.4% from a year earlier. In the uber-market of 2005, there were a whopping 1049 units reported sold in this same three month span!
Prices Continue To Feel The Pressure
The median reported sale price for those residential properties that did sell this summer was down 8.1% from a year earlier, to $349,000.
But let's keep this in perspective: The prices reached in 2006 were record setting for Bend, Central Oregon and most U.S. housing markets. The median sale price for the 3rd quarter of 2006 in the Bend area was 31% higher than it was just a year earlier! That's just not sustainable over the long haul. And despite the recent declines in both prices and sales activity, Q3 2007's median sale price is still 21% higher than that of Q3 2005 and more than double the median price of Q3 2001 ($169,900).
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