Friday, January 30, 2009

Bend real estate off 31% since peak

The Central Oregon Realtors Association (CORA) released their fourth quarter data this month and the downward trend is intensifying.
Bend’s average sale price for the fourth quarter 2008 was $306,760; down 27% from the same quarter the year prior. The Bend market peaked in the third quarter 2007 and prices have fallen 31% since then.

Sales continue to fall but at a decreasing rate. 257 homes sold during the quarter; down 13% from the same quarter the year prior.

The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would need to fall 39% from the current median for the ratio to reach 3.0.