Single family home sales in Bend reached a level not seen since August 2006 last month.
There were 172 closed sales reported to the MLS of Central Oregon in October. We have to go back more than 3 years to find a month with more sales; 200 transactions closed in August 2006. The next closest monthly sales number over the last 3+ years was 159 in March 2007.
The 172 sales represents an increase of 52.2% from October 2008 and a gain of 13.2% from the 152 closed in September.
Distressed property sales continued to drive the market, with 59 bank owned and 35 "short sales" closing last month, amounting to more than half of all sales (54.7%).
The dollar per square foot price seems to have flattened out, as October's median of $113.93/sf is the 4th time in the last 5 months where $/sf has come in between $109/sf and $114/sf. (The low for the year incidentally was $105/sf in April, while the high was $125/sf in January. The average for the 1st 10 months of this year is $113.5/sf).
There are still many good buys out there and more short sales are coming together each month, so if you're in the market to buy or sell, please give me a call to discuss your situation.
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