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...
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...
The Bend UGB-Affordable Housing Connection

The Bend UGB-Affordable Housing Connection

In the increasingly common discussion about Bend’s affordable-housing crisis, one word is a constant. Three letters, actually: U-G-B. It stands for Urban Growth Boundary, and it’s a prime reason we’re in the mess we’re in right now. The truth is, when it comes to housing, Bend is behind the eight-ball. For several years, the demand to live in Bend has far exceeded the supply of homes in which to live (whether for sale or rent). Meanwhile, the price for a home in Bend has steadily risen: In February, the median price for a single-family home in Bend was up to $332,000, according to the Beacon Report. As of March 30, there were just 12 single-family homes on the market in Bend priced below $250,000. What’s more, vacancy rates for rental properties hover around a paltry one percent. And, to make matters worse, the region’s Average Median Income is on the decline, according to City of Bend Affordable Housing Manager Jim Long. That means that many folks hoping to move to Bend are stuck between a rock and a hard place. How did we get here? For starters, there’s a nationwide shortage of homes. (According to National Association of Realtors Chief Economist Lawrence Yun, we need a total of 6.9 million new housing units to keep pace with the country’s rising population. The 3.9 million units currently available fall far short of the demand. Here in Central Oregon, after a lull during the Recession, the strengthening economy has brought homebuyers back to Bend in droves. But the main culprit is the aforementioned Urban Growth Boundary — and our failure to...
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 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...
More Interesting New Construction in Sisters

More Interesting New Construction in Sisters

This summer I wrote about the building boom in Sisters. Now, developer Peter Hall has broken ground on Sisters’ newest subdivision, ClearPine. The 20-acre, 100-home project in northeast Sisters is being touted as a sort of scaled-down version of Bend’s uber-popular NorthWest Crossing neighborhood. The idea there was to blend numerous home styles and sizes with a range of designs from a stable of hand-picked “select builders.” The goal: shaping a more diverse, more organically designed neighborhood with homes that incorporate quality craftsmanship -– the antithesis of the “cookie-cutter” subdivision. The plan for ClearPine calls for a mix of single-family homes, smaller “cottages” (perhaps geared toward retirees) and townhomes. As of now, there are four approved home styles — Craftsman, Prairie, Mid-century Modern and American Foursquare -– plus three preferred builders and four preferred designers. Although folks who purchase lots aren’t required to use any of the recommended vendors, all site development plans must adhere to ClearPine’s fairly extensive Design Guidelines and CCR’s and must receive written approval from the ClearPine Design Review Board and the City of Sisters Planning Department.   Another key draw of NorthWest Crossing is the broad cross-section of amenities located within the community: schools, churches and businesses, along with numerous parks. That aspect can’t be recreated at ClearPine, although there is promise of a centrally located park (see the rendering of the ClearPine plat map, below). The key amenity: the neighborhood’s close proximity to miles of National Forest (to the west, along Pine Street). Home prices in ClearPine are expected to start around $350,000, with cottages and town houses priced in the high $200,000’s. Phase One (of...
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...
Luxury New Construction on the Rise in Bend

Luxury New Construction on the Rise in Bend

One indicator that an economy is gaining momentum is the return of high-end new-construction subdivisions, especially those geared primarily toward vacation-home buyers. These days, we are definitely seeing that in Bend: Not only are there a number of new luxury-property developments in the works right now, but there’s also a diverse cross-section of choices available to potential buyers. Options range from high-end homes adjacent to the new Discovery Park in NorthWest Crossing and a new subdivision of eco-friendly custom homes in the heart of Bend to a cluster of townhomes in an established mid-town golf community (River’s Edge), a modern townhome project between downtown and the Old Mill, a contemporary nine-unit condominium in the Old Mill and a trio of projects within Bend’s newest golf community (Tetherow). Here’s a quick rundown of the new luxury-home projects (one commonality among the projects that’s worth note — all of them are on the west side of town): Northwest Crossing/Discovery Park Drive — Discovery Park, Bend’s newest community park space, opened this summer and was a popular attraction from the get-go. The centerpiece of the 31-acre green space is a scenic three-acre lake – the perfect accessory to a high-end home. There are currently four new-construction projects on the market on Discovery Drive; the least expensive of these is priced at $815,000 (a three-bedroom, 1,787-square foot home across the street from the lake). Saginaw Sunset – This brand-new 20-lot project from Jim Guild Construction promises the highest degree of collaboration between builder and home buyer, with features created by local master craftsmen. Located off College Way in the heart of Bend, these...