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 up 39 percent (from 30 to 49), while homes on an acre or more in La Pine were up 34 percent (119 compared to 79). Homes in La Pine on less than an acre were up 23 percent (from 58 to 75).
The greatest increase in sales, however, was among Residential North Klamath County homes on less than an acre, which saw a 46 percent increase in sales (from 10 to 15 sales).
When it came to the price of homes sold in Central Oregon during the fourth quarter of 2015, most markets saw a slight to moderate increase in the average sales amount over this time last year. Three Rivers South listings on an acre or more saw the most sizable price increase: 20 percent (up from $348,120 in 4th quarter 2014 to $435,353). Next up was a tie: Sisters listings on less than an acre increased 16 percent (an average sales price of $376,894, compared to $316,253 in 4th quarter 2014), as did homes on more than an acre in Redmond (with an average sales price of $424,422, compared to $356,414 in 4th quarter 2014).
Sisters listings on more than an acre saw the least amount of change: just a .2 percent increase since 4th quarter 2014 (from $558,017 to $559,209). Granted, that’s still the highest average sales price in any market within Central Oregon.
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.
*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.