Let Me Help You Find or Sell Your Central Oregon Property...

Thursday, March 15, 2012

February’s Bratton Market Report for Bend, Oregon Now Being Served

February’s Bratton Market Report for Bend, Oregon Now Being Served


The Bratton Report numbers for last month has the median price for a home in Bend moving up from $186,000 in January to $199,000 in February. Moving in concert with the median price is the number of homes sold last month moving up twenty homes to 134, with the price per square foot inching up as well to $111. A reoccurring number for this report is 111, in this case representing the days on the market. This number has flat lined for the time being with the same number being recorded for January. Building permits hit a level not seen since July of 2008 but still remains a weak at 28 permits.

It will be interesting to see if the number of building permits increases seasonally this year. From what I have witnessed most of the building permits have been issued for west side projects in Bend with Northwest Crossing leading the way. The price point for these new homes remains above $300,000. Given the competition we are seeing for homes under $250,000 I would not be surprised to see builders buoyed by this information and be more willing to step to shoulder the risk of building lesser priced spec homes. Some might think this would be crazy but if the opportunity to purchase a new home versus a seasoned home came up I think a good portion of folks will choose the newer product.

With 65 lots under $30,000 that have either sold or have pending sales since last March and 13 lots currently available for sale, could these lots be the basis for builders that brings new homes to the market for under $250,000?

For now the recovery continues, we will need to monitor how the incredible increases in gasoline prices effects the overall economy and the positive gains we are beginning to see. Will we see continued confidence and recovery? Or do we continue to bounce along the bottom, waiting to release the pent up demand to move forward?

No comments:

Post a Comment