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 homes both scarce and pricier, buyers seem more focused on alternative options than we’ve seen in recent years. For example, Redmond’s townhome sales were up 42 percent (from 45 to 78), as were its multifamily-property sales (from 18 to 31). Sunriver’s townhome sales were up 50 percent (from 29 to 58).
The only area in Central Oregon that saw a substantial decrease in the number of sales from third-quarter 2015 to third-quarter 2016 was Crooked River Ranch‘s Residential With Acreage listings, down 21 percent, from 52 to 41 sales.
One thing hasn’t changed in the past 12 months: Price increases continue to be the norm throughout Central Oregon. Bend’s Single Family Residential sales saw the slowest rate of gain since this time last year: a still-strong 8 percent increase in price (from $384,394 to $419,764). La Pine’s Residential With Acreage sales saw the greatest gain: 32 percent, up from $196,386 to $289,157. Most other markets saw gains of between 10 and 17 percent.
Looking at the five-year picture, the area’s ongoing price gains take on even more significance. The average price of Bend’s SFR sales for third-quarter 2016 is 63 percent higher than it was for third-quarter 2012 ($419,764 compared to $257,805). Redmond’s SFR sales price is 90 percent higher ($272,122 compared to $143,027, and Sisters’ SFR sales price is 42 percent higher ($417,203 compared to $294,472). Bend’s RW sales price is 79 percent higher ($618,426 compared to $345,890); Redmond’s RW price is 78 percent higher ($507,737 compared to $285,941); and Sisters RW price is 28 percent higher ($617,725 compared to $480,754).
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.