Thursday, April 16, 2009

Bend real estate off 41% since peak

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.