Central Oregon Real Estate Market Report for April 2015

Here are some highlights of the April real estate market activity for Single Family Residential (SFR) and Residential with Acreage (RW) listings in Bend, Sisters and Tumalo.

• The number of Active listings was up compared to March, in all markets except Sisters Residential With Acreage, which decreased slightly (from 70 to 67 listings).
• The number of Active listings was also up compared to this time last year, in all markets except Bend. Bend had 447 Active SFR listings, (compared to 534 Active SFR listings in April 2014) and 126 Active RW listings (compared to 134 Active RW listings in April 2014).
• Ironically, if anyone needed an increase in Active listings it’s Bend. The lack of available homes for sale in Bend continues to be a serious issue. In April, there was just a 2.4-month supply of SFR listings and a 5.5-month supply of RW listings. That puts sellers squarely in the driver’s seat, especially in the lower-priced (i.e., most popular) price points.
• By contrast, in Sisters, there was an 8.6-month supply of SFR listings and an eight-month supply of RW listings. In Tumalo, there was a 6.7-month supply of RW listings.
• The decrease in Sisters’ Active RW listings can be attributed, in part, to the strong spike in sales among its RW listings: There were 14 Closed sales (compared to one sale in March) and nine Pending sales. Interestingly, there was also a strong spike in sales among Sisters RW listings in April 2014 (up from one sale in March 2014 to 10 sales).
• Sisters also had a strong month in terms of SFR sales, with nine Closed and 13 Pending sales (up from two Closed sales in March).
• There were no million-dollar sales in Sisters, but there was quite a bit of high-end sales activity: Three of the nine SRF Closed sales and five of the 14 Closed RW sales were above $500,000.
• SFR sales also increased in Bend (up from 172 Closed sales in March to 203 in April). More than 70 percent of those sales were between $200,000 and $400,000.
• Although the number of Bend’s Closed RW sales was down (from 29 in March to 20 in April), the number of Pending RW sales increased (from 20 in March to 35 in April).
• Tumalo’s high-end sales seem to be picking up steam: While all five Closed RW sales were below $500,000, five of the eight Pending RW sales were above $500,000 -– and included a property listed at $1,450,000.

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 April 2015 for Bend, Tumalo and Sisters, based on data provided by MLSCO on May 8, 2015.

 
 

 
 

 
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