2nd Quarter 2016 Market Statistics for Central Oregon

2nd Quarter 2016 Market Statistics for Central Oregon

In the first quarter of 2016, we saw a bit of a slowdown from the tremendous gains of the previous two years. Back then, just about every market in Central Oregon saw an ongoing increase in the number of closed sales and average sales price -– with some markets seeing typically unheard of gains of of up to 30 to 40 percent. Folks were beginning to wonder if we were entering another bubble of exaggerated values.

But now that the second quarter of 2016 has passed and we’ve seen another period of overall slow-down in the number of homes sold, it seems much more likely that we’re experiencing a leveling off from the frenzy. Keep in mind, we’re still seeing the numbers rise (especially when it comes to sales price) –- just not at such an accelerated rate.

(See several numbers-at-a-glance charts below that detail aspects of the Bend, Sisters and Redmond markets.)

According to statistics gathered by MLSCO (the Multiple Listing service for Central Oregon), the largest gains in the number of sales of homes during the second quarter were seen south of Bend –in Sunriver, which saw a 29 percent increase in sales of homes on less than an acre (up from 80 to 112), and La Pine, which saw a 21 percent increase in the number of sales of homes on less than an acre (up from 26 to 33). By contrast, Bend saw just a 3 percent increase in the number of sales of homes on less than an acre (up from 1142 to 1177 sales), while Redmond saw a 10 percent increase (from 383 to 427 sales) and Sisters saw a 8 percent increase (up from 58 to 63 sales).

As for homes on acreage, Bend saw no increase at all in the number of sales (162 sales in both the second quarter of 2015 and 2016), while Redmond saw a 7 percent increase (from 53 to 57 sales), and Sisters saw a 32 percent decrease (from 38 to 25 sales).

Three Rivers South saw an overall decrease in the number of sales: 22 percent (from 56 to 46) for homes on less than an acre and a 150 percent decrease in the number of sales on an acre or more (from 25 to 10).

When it came to average sales price, many Central Oregon markets saw sizable increases compared to 2nd quarter 2015. However, only a few markets saw crazy gains: The sales price of La Pine homes on an acre or more increased 46 percent (up from $173,198 to $318,915), while homes on a less than acre in Three River South saw a 21 percent increase (from $346,852 to $439,180) and homes on an acre or more in Bend saw a 19 percent increase (from $514,674 to $633,651).

Take a closer look at that last statistic, though. It illustrates just how dramatically many segments of the Central Oregon market have changed over the past five years. In 2012, the average sales price of a Bend home on an acre or more was $221,172. To repeat, it’s now triple that: $633,651. In 2012, the average sales price of a home in Redmond on less than an acre was $131,020; it has now doubled, to $260,698. The average sales price of a Bend home on less than an acre was $246,179; it’s now $411,943. A Redmond home on an acre or more has gone from $267,424 to $465,713. In Sisters, a home on less than an acre has gone from $287,171 to $416,510, while a home on an acre or more has gone from $438,343 to $599,466.

Given those statistics, a general leveling off in price is a welcome change.

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.

2nd Quarter 2016 Real Estate Statistics for Central Oregon

 

*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.

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