3rd Quarter Market Statistics for Central Oregon

3rd Quarter Market Statistics for Central Oregon

During the third quarter of 2017, real estate prices in Central Oregon continued to rise. While a few markets saw a decrease from the second quarter to the third (the median sales price for Single Family Homes on less than an acre in Sunriver, for example, was down from $484,000 to $410,000 last quarter, a 15.3 percent decrease), every market tracked in the chart below saw a sizable increase over this time last year. Many of those increases were in the double digits. In Bend, for example, the median sales price for Single Family Homes on less than an acre was $413,983, compared to $368,500 during third quarter 2016 (a 12.3 percent increase) and $399,000 for second quarter 2017 (a 3.8 percent increase). Meanwhile, the median sales price for Single Family Homes on less than an acre in Redmond was $292,500, compared to $267,186 during third quarter 2016 (a 9.5 percent increase) and $288,000 during second quarter 2017 (a 1.6 percent increase). With prices on the rise (and Bend surpassing the $400,000 median price threshold), it’s no surprise that, in most markets,  the number of sales was down compared to this time last year. A few notable exceptions: Sisters (which saw an increase in sales of 12.5 percent since third quarter 2016, up from 48 to 54), and La Pine (which saw an increase of 6.7 percent (up from 30 to 32). By the Numbers For those who want to study the market by the numbers, the charts below detail the past four years’ activity in Bend, Sisters, Redmond, Sunriver, Three Rivers South, La Pine, Jefferson County and Crook County.  ...
Central Oregon Stats-at-a-Glance for April 2017

Central Oregon Stats-at-a-Glance for April 2017

In April, the winter-weather slowdown in Central Oregon made way for spring selling activity. According to the May Beacon Report, Bend had 220 Single-Family Residential (SFR) sales last month compared to 170 sales in March, an increase of almost 30 percent. Redmond recorded 67 sales, up from 63 sales the prior month. Sisters had 12 sales, compared to seven sales in March. Meanwhile, the days on market decreased significantly in all three markets: Properties that sold in Bend during April were on the market an average of just 63 days, compared to 106 days in April. Similarly, properties that sold in Sisters were on the market just 42 days, compared to 98 days in April. And properties that sold in Redmond during April were on the market 94 days, compared to 126 days in April. When it came to sales price, Sisters saw quite a jump last month: The median price of SFR sales in Sisters during April was $445,000, compared to $336,000 in March. (Keep in mind that in a smaller market like Sisters, which saw just a dozen sales in April, it’s more likely to see dramatic price fluctuations, because of the impact of a single high-end sale. Or, in this case, a number of higher-end sales, including a sale at $900,000 and a handful of $500,000 sales). Bend and Redmond, on the other hand, saw little change in price: The median price of SFR sales in Bend was $394,000, compared to $396,000 in March. That’s a sizable jump, however, since a year ago at this time, when the median sales price in Bend was $374,000. Likewise,...
1st Quarter Market Statistics for Central Oregon

1st Quarter Market Statistics for Central Oregon

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...
Central Oregon Stats-at-a-Glance for March 2017

Central Oregon Stats-at-a-Glance for March 2017

In February, Sisters saw a notable drop in home prices from the previous month, according to the March Beacon Report. The median price of a single-family home in Sisters decreased more than 19 percent in February – down from $381,000 in January to $308,000 (and down from $355,000 in February 2016). In smaller markets like Sisters, however, where there are only a handful of sales per month, large price swings from one month to the next aren’t necessarily indicative of a trend. To wit: In February, Sisters sales were up: 10 sales compared to seven the prior month and five in February 2016. Plus, Sisters now has just four months of inventory. Last year at this time, Sisters had more than triple that (13 months’ inventory). Bend also saw a bit of a dip in home prices in February: The median sales price for a single-family home was $354,000. That’s a decline of 4.6 percent ($371,000) compared to January –- but an increase of more than 6.6 percent since February 2016 ($332,000). Redmond home prices increased in February, up 3 percent — from $258,000 in January to $266,000. More notably, that’s an increase of 18 percent since a year ago at this time ($225,000). Bend had 132 single-family home sales last month, two fewer than in January but five more than in February 2016. Redmond recorded 34 sales, down from 50 the prior month and 53 in February 2016. Meanwhile, the inventory of homes for sale in both Bend and Redmond was equal to 1.5 months of buyer demand. According to Appraiser Donnie Montagner, who compiles the Beacon Report, the Single-Family Residential inventory levels haven’t been lower than two months since June 2005. About the Author Lisa Broadwater, GRI, CDPE, is a Central Oregon-based real...
4th Quarter Market Statistics for Central Oregon

4th Quarter Market Statistics for Central Oregon

As sales activity in Central Oregon during the fourth quarter of 2016 indicates, the area continues to feel the effects of still-increasing sales prices and extremely low inventory: Although much of Central Oregon saw a double-digit increase in the number of sales during the fourth quarter of 2015, the pace of sales for fourth-quarter 2016 slowed to single digits in many markets. In some segments, the numbers even decreased. (The region’s arctic snow blast, which lasted throughout December, didn’t help.) (See several numbers-at-a-glance charts below that detail aspects of the Bend, Sisters and Redmond markets.) Based on statistics recently released by the Multiple Listing Service for Central Oregon, Bend saw just a 3 percent increase in the number of sales of Single Family Residential (SFR) properties (up from 2,450 to 2,533 sales). Redmond saw a 7 percent increase (from 899 to 965 sales), and Sunriver saw an increase of just 4 percent (from 201 to 210 sales). Meanwhile, the number of Residential With Acreage (RW) sales in Bend decreased by 3 percent (from 328 to 320 sales), while sales of RW properties in Redmond were down 4 percent (from 112 to 108 sales), and RW sales in Sisters were down a noteworthy 14 percent (from 72 to 63 sales). The largest decrease, however, was seen among RW properties in Three Rivers South: Sales there were down 47 percent (from 49 to 26). A few markets bucked that trend: The number of SFR sales in Three Rivers South increased by an impressive 20 percent (up from 110 to 138 sales). Similarly, SFR sales in Sisters increased by 13 percent (up...
Real Estate Stats-at-a-Glance: December 2016

Real Estate Stats-at-a-Glance: December 2016

In December, Bend saw a slight dip in home prices from the previous month, according to the January Beacon Report*. The median home sales price in Bend for a single-family home was $355,000. That’s a decline of 5 percent ($19,000) compared to November –- but it’s an increase of more than 9 percent since December 2015. Bend had 192 single-family home sales last month, four fewer than in November and 18 fewer than in December 2015. Meanwhile, in Sisters, the median price for single-family homes increased more than 7 percent in December – up from $335,000 in November to $360,000. There were 16 SFR sales in December, compared to 15 in November. Redmond home prices declined slightly in December, down 1.5 percent — from $270,000 in November to $266,000 in December. The Redmond median price is up by more than 19 percent since December 2015, when it was $223,000. There were 80 home sales, six fewer than in November. The Beacon Report is compiled by Beacon Appraisal Group, which regularly tracks real estate trends in 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....
How the Current Market Compares to the Peak

How the Current Market Compares to the Peak

Because of the ongoing increase in home prices throughout Central Oregon for the past three years, more and more often, I hear grumblings that it sure seems as if we’ve returned to the crazy heyday of 2005-2007, when average sales prices were recalculated monthly (rather than every 12 months, as is typical) and listings were under contract within a matter of hours as opposed to days. If you’re curious about the actual numbers and how they compare, check out the chart below, which lists three categories of stats for the third-quarter 2016 alongside those of the peak –- and shows just how far most markets have to go before returning to those heady days. The most noteworthy thing about the chart: Of the three markets I regularly track (Bend, Sisters and Redmond), only Bend’s Single Family Residential segment is seeing an average sales price similar to that of the peak: $419,764 in third-quarter 2016 compared to $426,044 for 2005. Prices for Redmond’s Single Family Residential properties are getting close, with an average sales price within 7 percent of its peak price ($272,122 in third-quarter 2016 compared to $292,268 for 2006). Most other markets still have quite a ways to go before their average sales prices reach those previous high numbers. Meanwhile, a look at the number of sales during the two time periods shows that no market’s overall sales are anywhere near those of 2005-2007; in fact, every market has still at least 25 percent fewer sales than during its peak. Related Blog Post: Can’t get enough stats? Here are the market statistics for Central Oregon for the third...
3rd Quarter Market Statistics for Central Oregon

3rd Quarter Market Statistics for Central Oregon

Several trends worth note stand out among the third-quarter real estate statistics for Central Oregon, which were recently released by the Multiple Listing service for Central Oregon. For one, the average sales price for a single-family home in Bend has almost returned to that of the region’s pre-recession highs ($419,764 in third-quarter 2016 compared to $426,044 during 2007). Not surprisingly, as more and more people are priced out of Bend, the pace of sales among Bend’s Single Family Residential (SFR) listings has slowed: It increased just 3 percent since this time last year (from 1,872 sales to 1,934 sales), compared to an increase of 9 percent in third-quarter 2015. What’s more, the number of sales among Bend’s Residential With Acreage (RW) listings has actually decreased (down 7 percent, from 256 to 239 sales). Meanwhile, the number of sales within the smaller, less-pricey neighboring markets has increased fairly dramatically since third-quarter 2015. For example: The number of La Pine’s SFR sales is up 19 percent (from 48 to 59), and La Pine’s RW sales are up 23 percent (from 79 to 103). Sisters SFR sales are up 14 percent (from 95 to 111), and Three Rivers South SFR sales are up 12 percent (from 84 to 95). Sales of homes on acreage in Jefferson County were up 38 percent (from 35 to 52). (See several numbers-at-a-glance charts below that show aspects of the Bend, Sisters and Redmond markets for third-quarter 2016. And here’s a chart comparing third-quarter 2016 statistics to peak-market statistics.) Perhaps more telling is the dramatic increases among the area’s townhome/condo and multi-family markets. With inventory among single-family...