The Central Oregon Realtors Association (CORA) released their quarterly data this month and the downward trend is intensifying.
Bend’s average sale price for the first quarter of 2009 was $265,292; down 31% from the same quarter the year prior. The Bend market peaked in the third quarter 2007 and prices have fallen 41% since then.
Sales continue to fall but at a decreasing rate. 224 homes sold during the quarter; up 1% 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 have to fall 20% from the current median for the ratio to reach 3.0.
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