2012 Bend Home Sales Near 2006 Levels

After plateauing in 2011 following two years of notable improvement, the number of homes sold in Bend increased significantly last year, approaching levels not seen since the delirious days of 2006.

After peaking at 2,884 sales in 2005,  2,088 homes were sold in 2006 as the market began to teeter over the 2nd half of that year.  Home sales dropped precipitously in the following years, hitting a low of 1,121 in 2008.  But in 2009 buyers began to take advantage of  prices that were about 40% lower than they had been at the market's peak, and sales rebounded to 1,556 that year.  Sales volume increased again in 2010, but at a much slower rate, to 1,681 homes sold.    

But despite the number of sales in 2006 and 2012 being somewhat similar, that's where any real resemblance between the two years ends.  In 2006, the median sale price was $187.98/sf, or $350,581 for a 1865 square foot house.  Last year, that number was $118.91/sf ($222,000 for 1867sf).  That's a discount of 36.7%!  And let's not forget that the average interest rate for a 30 year fixed rate mortgage in 2006 was 6.41%, compared with 3.66% last year!  Now that's a breathtaking increase in purchasing power!

Let me know your thoughts on where you think the Bend real estate market is headed in 2013 and beyond by writing your comments below.  And please be sure to call me at 541.410.9060 for any real estate help or advice you, your family or friends may need.