The Central Oregon real estate market passed a milestone in August, but it's not one to brag about: Notices of default (NODs) surpassed home sales in Deschutes County.
"Marge" on the (presumably ironically titled) "Bend IS Better Than Anywhere Else" blog reports today that there were 211 NODs in the county last month and only 188 sales of residential real estate. In Bend, 89 single-family residences sold in August at a median price of $278,000, down from 103 sold in July at a median of $289,000.
In August 2007, 145 homes sold at a median of $350,000, and a year before that - close to the high-water mark of the boom - 196 sold at a median of $377,000.
"There are currently 4,486 active residential listings in the county and 188 sold @ $267 median in August," writes Marge. "Short sales are the hottest items; if priced to sell owners are receiving multiple offers for these 30-40% off sales."
If The Eye's arithmetic is right, at the August sales pace it will take nearly two years (23.86 months) to sell off the current inventory of homes on the market in Deschutes County - assuming no more are built.