During the first quarter of 2017, it was more of the same, when it came to real estate sales activity in Central Oregon. And by “more,” of course, I mean less. Well, fewer, actually — as in listings and in sales.
By now, it’s no surprise to anyone that we’re short on inventory and have been for some time. (And we aren’t alone: Nationally, the supply of homes that are for sale is at a nearly 20-year low, according to Realtor.com.) So with prices, for the most part, still on the rise, that translates into fewer sales. (There are a few notable exceptions, of course. More on that later…)
According to statistics gathered by MLSCO (the Multiple Listing Service for Central Oregon), much of Central Oregon – including Bend and Redmond’s Single Family Residential (SFR) and Residential With Acreage (RW) listings — saw sizable decreases in the number of sales for the first quarter of 2017.
(See several numbers-at-a-glance charts below that detail various aspects of the Bend, Sisters and Redmond markets.)
The most notable decrease in sales (a 37 percent decline) was among La Pine’s RW listing (down from 30 sales in first quarter 2016 to 19 sales in first quarter 2017) and Redmond’s RW listings (a 35 percent decline, from 26 to 17). Meanwhile, Bend saw a 26 percent decrease in the number of sales of homes on more than an acre (down from 65 to 48 sales), while Redmond saw a 15 percent decrease in the number of sales of homes on less than an acre (from 177 to 151 sales).
As for the exceptions: The number of sales of homes on less than an acre in Sisters increased a noteworthy 41 percent (up from 17 sales to 24), and Sisters RW listings saw a 9 percent increase (from 11 sales to 12).
Several markets south of Bend also saw increases: Three Rivers South saw a whopping 64 percent increase in the number of sales of homes on less than an acre (up from 14 to 23). Sales of La Pine’s SFR listings increased 10 percent (from 10 to 11). Finally, sales were up 5 percent for homes in Sunriver on less than an acre (up from 38 to 40).
Then There’s the Sales Price…
With only two exceptions, the average sales price in every market I track increased — most markets by double-digit amounts. Interestingly, the two segments that saw a decrease in sales price experienced the highest percentage increase in the number of sales: The average sales price for Sisters SFR listings ($346,604) decreased 9 percent since first quarter 2016 (while the number of sales was up 41 percent); and the average sales price for Three Rivers South SFR listings decreased 3 percent to $409,015, while the number of sales increased 64 percent.
Redmond saw the highest increase in sales price for first quarter 2017: The price of its RW listings increased by a sizable 32 percent (from $352,162 to $466,049), while the average price of its SFR sales was up 16 percent (from $254,801 to $294,415). The average sales price for Three Rivers South’s RW listings was up 23 percent (from $303,633 to $374,000), while the average price of Sunriver’s SFR sales was up 16 percent (from $449,126 to $519,819).
The increase in average sales price for Bend’s SFR and RW listings, and for Sisters RW listings was also in the double digits: Bend’s SFR listings rose 10 percent (from $398,191 to $437,291), while Bend’s RW listings increased 18 percent (from $596,494 to $701,258).
The average sales price for Sisters’ RW listings increased 21 percent, from $622,264 to $755,508 –- making it the highest priced segment of our market.
By the Numbers
For those who want to study the market by the numbers, the charts below detail the past five years’ activity of Bend, Sisters and Redmond (my primary coverage areas). I often represent buyers purchasing rural acreage — especially horse properties — so I regularly track both Single Family Residential (SFR) trends and Residential with Acreage (RW) trends.
In the charts, I focused on three of the main categories that reflect the state of the market: (1.) total number of homes sold; (2) Average sales amount; and (3.) Days on market. Checking out these charts will give you a quick overview of what’s been happening in the market.
*All listing information provided here is deemed reliable, but is not guaranteed and should be independently verified. The Multiple Listing Service of Central Oregon (MLSCO) does not verify the information provided and disclaims any responsibility or liability arising from any inaccuracy or inadequacy of said information or for typographical errors by MLSCO, or for any delay caused in dissemination of such information.
About the Author
Lisa Broadwater, GRI, CDPE, is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Bend and Redmond.