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.
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