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...
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...
Central Oregon Real Estate Market Report for December 2015

Central Oregon Real Estate Market Report for December 2015

Here are some highlights of the December real estate market activity for Single Family Residential (SFR) and Residential with Acreage (RW) listings in Bend, Sisters and Tumalo: In December, winter arrived in full force and never left, bringing with her an uncharacteristically long stretch of snow days (basically, there was snow on the ground the entire month). As expected, we saw a drop in the number of Active listings in all of the markets I follow, as sellers shifted their focus to the holidays. Most regions saw a sizable decrease in listings, while Bend’s Single Family Residential (SFR) listings and Sisters’ Residential with Acreage (RW) experienced an extreme dip: Sisters’ RW listings fell a whopping 35 percent from November to December (from 51 Active RW listings to 33), while Bend’s Active SFR listings decreased more than 15 percent (down from 426 listings in November to 360 listings in December). To get a sense of just how low inventory is dipping, compare the numbers to this time last year: There were 53 Active RW listings in Sisters last December, compared to 33 this December; and 419 Active SFR listings in Bend in December 2014, compared to 360 Active SFR listings this December. Let’s hope January doesn’t continue this trend. Despite the challenging weather, every market but one saw an increase in sales this month (and that segment, Bend’s RW listings, saw only a minor decrease, from 24 sales in November to 22 sales in December). Meanwhile, sales were up significantly among Bend’s SFR listings — 216 Closed sales, compared to 143 sales in November –- and among Tumalo’s RW listings, which...
Central Oregon Real Estate Market Report for November 2015

Central Oregon Real Estate Market Report for November 2015

Here are some highlights of the November real estate market activity for Single Family Residential (SFR) and Residential with Acreage (RW) listings in Bend, Sisters and Tumalo: The seasonal slowdown picked up steam throughout the region, just in time for a Thanksgiving week snowstorm. There was an especially noticeable drop in the number of Active listings among Bend’s Single Family Residential (SFR) listings, which decreased from 466 Active listings in October to 426 in November. Meanwhile, Sisters Residential with Acreage (RW) listings decreased from 62 Active listings in October to 51 in November. Sales were down this month, too: Closed sales for Bend’s Single Family SFR listings decreased markedly, from 198 in October to 143 in November, while sales among Sisters’ SFR listings dropped from the unusually high number of 25 in October to eight sales in November, which is typical for this time of year. Surprisingly, sales of Bend’s RW listings actually increased slightly (up from 23 in October to 24 in November) and included an impressive three million-dollar sales. The eight Closed RW sales in Sisters also included a couple of million-dollar sales (a 40-acre property on Plainview and an estate home in Aspen Lakes). And Tumalo saw quite a bit of high-end sales activity: All three of its Closed RW sales were above $730,000 and included one million-dollar sale. This month, we saw a decrease in the median sales price for Active listings in every market except among Bend’s RW listings, which remained the same ($697,700). Tumalo’s RW listings saw the sharpest decline (from $949,000 in October to $780,000); however, last month’s number was a temporary spike...
Central Oregon Real Estate Market Report for October 2015

Central Oregon Real Estate Market Report for October 2015

Here are some highlights of the October real estate market activity for Single Family Residential (SFR) and Residential with Acreage (RW) listings in Bend, Sisters and Tumalo: No surprise, the number of Active listings decreased in all five markets in October. The decline was modest in most segments, though, except among Bend’s Single Family Residential listings, which decreased notably — from 544 listings in September to 466 listings in October. Sisters’ SFR listings also decreased a fair bit, from 91 to 76. Speaking of Sisters, Sisters’ SFR listings experienced an inexplicable spike in sales: up from 11 Closed sales in September to 25 Closed sales in October. It was the only segment that I track that didn’t experience the typical seasonal decline in sales. All but two of those SFR sales were below $500,000 (with a median sales price of $330,000); the highest priced SFR sale was for $625,000. The price of Active listings compared to a year ago at this time shows an increase across the board. While Bend’s Active RW listings increased modestly (from $685,000 in October 2014 to $698,000 in October 2015), the other markets all saw fairly dramatic increases: Bend’s Active SFR listings increased from $370,000 to $459,000, Sisters’ Active SFR listings increased from $400,000 to $470,000, Sisters’ Active RW listings increased from $745,000 to $819,000 and Tumalo’s Active RW listings increased from $741,000 to $949,000. 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 October 2015 for Bend, Tumalo and Sisters, based on data provided by MLSCO on...
Third Quarter Real Estate Market Statistics for Central Oregon

Third Quarter Real Estate Market Statistics for Central Oregon

As we headed into fall, the Central Oregon real estate market* continued to show improvement. Based on statistics recently released by the Multiple Listing service for Central Oregon, the total number of sales of Residential listings is up in every market, compared to the third quarter of 2014. For several locales, that increase is sizable. In the major markets – Bend, Redmond, Sisters, Sunriver and La Pine – the numbers ranged from 3 percent on the low end (for Sisters Single Family Residential listings on less than an acre) to 25 percent (for Sunriver’s Single Family Residential listings on less than an acre) on the high end. Many markets found themselves somewhere in between the two: For example, sales of Bend’s Single Family Residential listings on less than an acre (SFR listings) were up 9 percent, while sales of Redmond’s SFR listings and Single Family Residential listings on more than an acre (RW listings) were both up 8 percent.          (Skip to the bottom of this post to see several numbers-at-a-glance charts that detail aspects of the Bend, Sisters and Redmond markets.) Of the markets I monitor most closely (Bend, Sisters and Redmond), the greatest gains were seen among Bend’s Residential with Acreage (RW) listings, which saw a 20 percent increase in the total number of sales (256 sales, compared to 205 sales in 2014). Sisters’ RW listings saw the second highest increase: 16 percent (51 sales, compared to 43). Similarly, most markets saw a slight to moderate increase in the average sales amount over this time last year. The most notable price increase was among Sisters SFR...
Central Oregon Real Estate Market Report for September 2015

Central Oregon Real Estate Market Report for September 2015

Here are some highlights of the September real estate market activity for Single Family Residential (SFR) and Residential with Acreage (RW) listings in Bend, Sisters and Tumalo: The seasonal slowdown has begun, with the number of Active listings down across the board among both Single Family Residential (SFR) and Residential With Acreage (RW) listings in Bend, Sisters and Tumalo. Although sales were down a bit among Bend and Sisters’ SFR listings, sales were up significantly among Bend and Tumalo’s RW listings: There were 37 RW sales in Bend, compared to 26 RW sales in August, and 15 RW sales in Tumalo, compared to eight RW sales in August. Meanwhile, Sisters’ had nine RW sales, the same amount as in August. High-end RW sales were plentiful in Bend last month: 59 percent of Bend’s Closed RW sales (22 of 37) were above $500,000, and there were two million-dollar sales included in the mix. The $550,000-$599,999 bracket was by far the most popular price point for those sales (with nine sales, compared to five in the $400,000-$449,999 bracket — the number two slot). On the other hand, more than half of Bend’s SFR sales (123 of 243) were between $200,000-$600,000. All but two of the 11 SFR sales and two of the nine RW sales in Sisters were below $500,000. 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 September 2015 for Bend, Tumalo and Sisters, based on data provided by MLSCO on Oct. 12, 2015.       Thinking of making a move to...