Sales of single family stick built houses on less than one acre in Bend increased in February from a year earlier, according to information reported to the MLS of Central Oregon.
61 sales have been reported so far and I expect this number will be even higher as more closed sales from late February are added this week. But even without any additional sales, the 61 posted so far represents an improvement of nearly 20% from a year earlier, when only 51 sales were closed.
What's Selling?
Nearly 60% of the February closings were distressed sales, with 21 bank-owned houses and 16 "short sale" properties sold during the month.
The volume of distressed sales is leading to lower overall prices, with the median sale price of February sales at $215,000 for 1962sf, or $109.6/sf. A year ago, the median price was $320,000 for 2008sf, or $159.4/sf.
While the fall off in prices does indicate continued weakness, the uptick in sales shows that more people are ready, willing and able to purchase a home in today's market.
If you or someone you know is considering selling or buying a home, feel free to get in touch to find out just what you can expect in today's ever changing market.
