It's 2013? Already? A look back at Bend home sales statistics for 2012
Happy New Year! It seems like 2012 flew by for me. 2012 included a busy year of real estate business, the birth of my second child, and I'm yet another year older (and it's showing by grey hairs and less hair on top). Besides the birth of my son, the thing that will stick in my mind when I think of 2012 is "the year the market turned in Bend". We saw signs in 2011 that the market was rebounding, but statistics didn't prove this until 2012. Sales were up in early 2012 and continued through the entire year, leaving us with our current inventory of around 2.5 months worth of homes in Bend.
Housing market statistics for Bend
All statistics are from the Central Oregon MLS and are for single family stick-built homes sold in 2012 (excluding manufactured, townhomes, and condos). Information is deemed reliable, but subject to errors and is not guarnteed.
2,273 single family homes sold in 2012 (1,945 sold in 2011)
448 of the sales were Short Sales 19.7%
377 were REO's (Foreclosures) 16.5%
Median sales price of $230,000 for 2012 (was $200,000 in 2011- that's 15% appreciation)
Average sales price of $277,000 (was $253,000 in 2011)
Highest selling price of $1,695,000
The biggest highlight is the appreciation of 15% on the median sales price. Around 15% appreciation is what most homes gained, althought the higher end homes saw less appreciation and some lower end homes saw more. A good example of the appreciation is the following home that I sold in 2010. This year I listed and sold the very same home for a much higher price (and the condition of the home was the same as in 2010).
Home in SW Bend
Sold 05/06/2010 to my buyers for $237,000
Sold 12/04/2012 for my sellers for $289,000
That's 22% appreciation over roughly 1.5 years (but most, if not all of it came in 2012)
Short sales and foreclosures are becoming less and less of our market. Home sales are up, appreciation was around 15%, inventory is down, and interest rates are still low. If you're thinking about buying, now may be the time to purchase a home in Central Oregon. We see no signs of the market slowing down, but I don't think we'll keep growing at 15% appreciation per year. I do however think that our market will continue to appreciate throughout 2013. Please contact me if you'd like more information on our Central Oregon housing market.