The Bend market trend numbers have remained steady as we go over the past few months. With summer we have seen a slight increase in the number of active listings with the number of sold properties remaining consistent with the previous three months. The number of sold properties has remained fairly level over this period.
What to expect this summer?? One is that the Northwest weather rarely follows the rest of the nation; while the rest of the country swelters we have had a relatively cool summer thus far with only one week of hot weather. What is sweltering in our neck of the woods is the real estate market under $300,000. We continue to see multiple offers for good homes that are reasonably priced. Many of these homes will be tied up within a matter of days of coming onto the market. The continued pressure on the available inventory is leading to slight price increases if not when the property is listed then when a property has multiple offers.
We are also seeing a continued decrease in the number of Bank owned homes that are available. Currently in Bend (not including the outlying areas) there are 18 active listings available and 44 pending sale listings. I think we all know of several properties that are sitting out there vacant with signs in the windows and no owner insight… the dreaded shadow inventory!! So far the banks have shown inclination to move quickly to resolve issues with these properties and bring them to market. I would like to say that this all part of the plan to keep the market stable but my experience with banks/lenders would make me think otherwise. The lenders do not care they move to their own rules at their own pace. Unless they show a willingness to throw more money and manpower at the shadow homes my thoughts are that they will continue to dribble out for the immediate future.
Conversely the availability of properties being short sold remains constant with 50 homes in an active listing status, 58 are in a contingent sale status with back up offers being accepted and 79 in a pending sale status.
It will be interesting to see how Bill 1552, passed last fall by the Oregon house and senate, has an effect on the market. Designed to provide help distressed homeowners in communicating with their lender to arrive at a solution for their dilemma. The key feature of this bill is to bring lenders and homeowners together to mediate a reasonable solution for both parties.
The optimism that we have reached the bottom combined with the low inventory of desirable homes has brought an increase in the number of building permits issued for new homes. While NorthWest Crossing has been at the center of this activity for sometime we are starting to see signs of live in other sectors of town. Group PacWest has revived the eastern portion of the former Palmer Homes Gardenside neighborhood off of SE 27th Street with great vigor. Elsewhere throughout town you will see other signs of building life, nothing like we saw in the mid 2000’s, which is a good thing.
Summer is a great time to explore Central Oregon, get out there and have some fun before it is gone!! If you need a guide for Central Oregon properties do ot hesitate to contact me, I love to show what we have avaiable.
Next up is what some believe to be Central Oregon’s best season fall.
Brother Jon's - Breakfast - Bend Oregon
13 years ago
