First Quarter 2016 Real Estate Market Statistics for Central Oregon

First Quarter 2016 Real Estate Market Statistics for Central Oregon

A survey of the first-quarter 2016 statistics for the Central Oregon real estate market showed a bit of a mixed bag. Folks expecting more of the same from the past several quarters — where almost every market saw healthy increases, both in the number of sales and in the average sales amount — might be in for a bit of a surprise. According to statistics gathered by MLSCO (the Multiple Listing service for Central Oregon), numerous markets saw a sizable increase in the number of sales compared to 1st quarter 2015. Bend saw a 12 percent increase in the number of sales of homes on less than an acre (up from 421 to 476 sales), while Redmond saw a 17 percent increase in the number of sales of homes on less than an acre (from 147 to 177 sales) and a 15 percent increase in the number of sales of homes on an acre or more (from 22 to 26). And sales were up 11 percent for homes in Sunriver on less than an acre (up from 34 to 38), while La Pine saw a 17 percent increase in sales of homes on an acre or more (up from 25 to 30) and a 10 percent increase in sales of homes on less than an acre (from 9 to 10). However, the number of sales was down in numerous markets during the first quarter. For example, the number of sales of homes in Bend on more than an acre decreased 9 percent (down from 71 to 65 sales), while the number of sales of homes on less than an...
Fourth Quarter 2015 Real Estate Market Statistics for Central Oregon

Fourth Quarter 2015 Real Estate Market Statistics for Central Oregon

The winter sales slowdown that hit the Central Oregon real estate market in December 2014 didn’t repeat itself in 2015 -– far from it. While the number of fourth-quarter sales decreased in most markets in 2014 (anywhere from one percent to more than 20 percent), activity was quite brisk during the fourth quarter of 2015. Based on statistics recently released by the Multiple Listing service for Central Oregon, the total number of single-family-home sales of Residential listings was up in just about every market, compared to the fourth quarter of 2014. For several locales, that increase was in the double digits. In the markets I track most closely – Bend, Sisters and Redmond – the numbers ranged from 8 percent on the low end (for Bend’s Single Family Residential listings on less than an acre, up from 2,246 sales to 2,450 sales) to 17 percent on the high end (for Sisters’ Single Family Residential listings on more than an acre, up from 60 to 72 sales). (See several numbers-at-a-glance charts below that detail aspects of the Bend, Sisters and Redmond markets.) Interestingly, the Central Oregon markets that saw the greatest increase in sales were all south of Bend. Sunriver’s sales were up across the board, with a 28 percent increase in the number of sales of homes on less than an acre (144 compared to 201), a 24 percent increase in the number of sales of townhomes/condos (50 compared to 38), and a 39 percent increase in the number of lots sold (18 compared to 11). Meanwhile, sales of Three Rivers South homes on an acre or more were...
Major Changes in Place for Bend Vacation Rentals

Major Changes in Place for Bend Vacation Rentals

If you’re thinking about purchasing an investment property to use as a vacation rental within the Bend city limits, take note: As of April 15, the number of potential properties you have to choose from just decreased significantly, while the process to establish your legal status as a vacation rental just became more complicated and the cost to maintain your vacation-rental status just increased significantly. You can also expect a lot more scrutiny directed your way, not just from your neighbors but from the City of Bend. Why? Earlier this month, the Bend City Council, prompted by some very vocal complaints of residents of two westside Bend neighborhoods, revised its policy about overnight rentals, instituting a number of new requirements, fees, and policies, and establishing a density limit on the number of what it has now dubbed “short-term rentals” (previously known as “vacation-home rentals”). What exactly qualifies as a “short-term” rental (STR), as defined by the City of Bend? “Any dwelling unit or portion of a dwelling unit rented fewer than 30 days per tenant. This term includes whole-house rentals, as well as the rental of up to two individual rooms in a house while the owner is present.” Moving forward, not only will you need a land-use  permit to legally operate a short-term rental (which verifies that the property site meets City standards), but you’ll also need a license (which governs how the rental is managed). Two types of STR land-use applications have been created: “Type I” and “Type II.”  Which type of permit a particular property requires depends upon three things: the zoning district of the property;...
Central Oregon Real Estate Market Report for February 2015

Central Oregon Real Estate Market Report for February 2015

With the new year, I decided to revamp the market reports I provide each month. Often, potential buyers in Central Oregon aren’t just considering a single community. So, rather than organize them by location (Sisters, Tumalo, Bend) as I have in the past, moving forward I’m going to be examining three key market segments: the number of Active listings, the number of sales and the price of Active listings. I’ll still be focusing on the three primary communities that the bulk of my clients are drawn to (Sisters, Tumalo, Bend) — and since many of those clients are buying homes on acreage, I’ll include both Single Family Residential listings and Residential With Acreage listings. Below are three graph overviews of real estate activity (the number of Active listings, the number of sales and the price of Active listings) from October 2013 through February 2015 for Bend, Tumalo and Sisters, based on data provided by MLSCO on April 1, 2015. Because of an extended trip followed by a pretty ruthless virus, I got a late start assembling stats. As a result, the number of Active listings and the median list price figures for January and February 2015 are approximate.   Thinking of making a move to Central Oregon? I’d love to help you find the perfect Central Oregon property. You can reach me by phone or text at (541) 480-0987 or by email. 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.  ...
Fourth Quarter Real Estate Market Statistics for Central Oregon

Fourth Quarter Real Estate Market Statistics for Central Oregon

The fourth-quarter real estate market statistics were released recently by the Multiple Listing Service of Central Oregon. What do they tell us? Well, looking at Central Oregon as a whole, sales are down a bit, days on market are down quite a bit –- and prices are up. Again. Lack of inventory helps explain those three key stats: With fewer options to choose from, ready-to-relocate buyers are more willing to go to bat for a property, via multiple-offer bidding wars — which helps drive prices up. Combine higher sales prices with fewer options for buyers, and you see fewer sales. Meanwhile, extremely low inventory means fewer days on market – all those circling buyers just waiting for the right home are snapping up the best new listings as soon as they hit the MLS. While it’s great to look at the big picture, real estate is a decidedly localized industry. So, not surprisingly, within Central Oregon the trends for the last quarter of 2014 fluctuate from community to community. Bend’s Single Family Residential listings, for example, saw a negligible drop in the number of sales (-.88 percent), while Sisters’ Residential with Acreage sales saw a sizable drop (-20.48 percent) and Redmond’s Single Family Residential listings saw a sizable increase –- 16.41 percent. Most Central Oregon markets saw a fairly dramatic drop in the number of days that a home was on the market: a 29.35 percent decrease for Sisters Single Family Residential listings, a 19.79 percent decrease for Redmond’s Residential with Acreage listings. However, the days on market for Bend’s Single Family Residential listings increased 4.46 percent. Then there’s...

Tumalo, Oregon Real Estate Market Report For September 2013

The Residential With Acreage (RW) real estate market remained strong in Tumalo during September, with nine closed sales. (Last year at this time, there were just five sales.) Included in the Closed sales was yet another million-dollar sale; that’s the fourth straight month that Tumalo has had a million-dollar sale. What’s more, by the end of the month, two properties listed between $800,000-$850,000 were under contract. Although Tumalo has experienced more million-dollar sales activity this year than most markets within Central Oregon, the most popular price point for both Active listings and Closed sales in Tumalo during September was the $450,000-$499,000 bracket, with nine Active listings and four Closed sales. Also of note: For the first time since January 2012, the median price for Active listings dipped below $600,000 (to $575,000). Meanwhile, the lack of inventory continues to be a concern. Although we’re moving toward the slower winter months, there were fewer Tumalo listings in September than August. Entry-level horse properties are especially hard to come by: As in August, there were just four Active RW listings in Tumalo below $300,000. As a horse-property specialist, Tumalo has always been of particular interest to me because that’s where you’ll find many of the most desirable horse properties in Central Oregon. Because its boundaries are up to interpretation, please consider the following statistics a general barometer of the area’s real estate activity that includes most, but not necessarily all, of the listings in Tumalo. Here are a few highlights of the September Tumalo real estate market: LISTING ACTIVITY Active Residential With Acreage Listings in Tumalo:  53 Contingent Residential With Acreage Sales...

Sisters, Oregon Real Estate Market Report For September 2013

September was yet another good month for the Residential real estate market in Sisters. In fact, with 28 Closed sales, it was the highest-selling month so far this year. By comparison, last year at this time, there were 16 Closed sales. Among Single Family Residential (SFR) listings, it was once again the lower-priced and mid-range properties that saw the most sales activity. Sixteen of the 17 Closed SFR sales were below $500,000, and 11 of the 12 Pending SFR sales were below $300,000. What’s more, six of the Closed sales and five of the Pending sales were between $200,000-$250,000, making this once again the most popular price point for Sisters buyers. Within the Residential with Acreage (RW) segment, however, mid-range properties saw more sales activity: Five of the 11 Closed sales were between $400,000-$600,000. Meanwhile, three of the six Pending sales were above $650,000, including a property listed at $1,375,000. Which brings me to what is becoming a fairly dramatic contrast between the median price of Active SFR listings and Active RW listings. This wasn’t always the case: Two years ago, in September 2011, the median price for Active SFR listings was $495,000; the median price for Active RW listings was $499,000. In September 2013, on the other hand, the median price for Active SFR listings was $439,500, while the median price for Active RW listings was $795,000. That’s quite a jump! Considering that only one of the 11 Closed RW sales was above $700,000, that increase in list price might not bode well for RW sellers in Sisters who aggressively price their higher-end homes. They might just be...

Taking a Closer Look at Tetherow – A Resort Community Takes Shape

It certainly had a rocky start, but over the past year, Tetherow Resort has really come into its own. The upscale Bend golf community caught my attention several months ago, when I noticed a fairly dramatic increase in sales activity there. Meanwhile, this spring several large-scale construction projects (including a new golf academy, restaurant expansion and new overnight lodging) were launched. Recently, when I stopped by the Tetherow Clubhouse to take a few pictures, I ran into a local mortgage broker I know (an avid golfer), who told me he believes the development is well on its way to becoming the “jewel of Central Oregon.” He might well be on to something.   Click here to see properties for sale in Tetherow. Bend’s newest destination resort, located on the western edge of the city en route to Mount Bachelor, was first announced back in 2007 — just as Bend’s boom was about to bust. Named after historic pioneer Solomon Tetherow (who led a wagon train party through Central Oregon in the mid-1800s as they traveled from Missouri to Oregon), Tetherow was originally envisioned as 379 single-family lots spread across 700 acres, surrounding a championship golf course, a 150-room hotel, a spa and a restaurant. Back then, Arrowood Tetherow LLC, the resort’s master developer, had three development partners: Spring Capital (a subsidiary of TD Cascade Highlands), which owned 188 of the 302 platted lots; Proterra Bend I LLC, which controlled 68 residential lots; and Arrowood Tetherow, which owned 46 residential lots, the golf course, the 12-acre hotel property, the 12-acre overnight lodge home property and the 42-acre townhome property. Initially, lot...