It all started over the Christmas holidays. Four of my clients found homes they were interested in buying. The only problem: The properties all went pending before my clients were able to make an offer. I can’t remember the last time that happened.
Curious about the flurry of activity and what it might indicate about our market, I followed up on the sale of one of those properties: a high-end home on acreage in a great location just outside Bend that had once been on the market for $1.5 million. After being listed as a short sale at $699,000 for more than a year, the property had reverted to the bank and was re-listed the day after Christmas for $599,000. It went pending nine days later and closed in less than a month for $800,000. That’s right — $800,000. Two hundred thousand dollars above the asking price. Cash. (I previewed the property on Dec. 28th –- it was in immaculate condition. The agent representing the buyers of that property recently told me there were seven other offers.)
So I decided to see if this transaction was a fluke. I took a look at the Bend homes sales for January 2011. Since I handle a lot of horse properties, I looked at both Single Family Residential (SFR) listings and homes on acreage (RW). What I found really surprised me: 85 of the 146 sales —58 percent — sold for 100 percent of the list price or above.
Here’s a closer look at those January sales statistics (which you can also view in chart form below):
- Of the 125 SFR sales, 33 percent sold for 100 percent of the list price (41 sales); 19 percent sold for more than 100 percent of the list price (24 sales). Overall, 52 percent of the 125 SFR listings sold for 100 percent of list price or above (65 sales).
- Of the 21 RW sales, 29 percent sold for 100 percent of the list price (6 properties); 19 percent sold for more than 100 percent of the list price (4). Overall, 48 percent of the 21 RW listings (10 properties) sold for 100 percent of the list price or above.
- Of the total 146 January sales for Bend (SFR & RW combined), 39 percent sold for 100 percent of the list price (57); 19 percent sold for more than 100 percent of the list price (28).
Sold in January 2011
|Sold for 100%
of sales price
|Sold for more than 100% of sales price|
|Bend Residential (SFR)||125||41 (33%)||24 (19%)|
|Bend Residential with Acreage||21||6 (29%)||4 (19%)|
|Total||146||57 (39%)||28 (19%)|
On the flip side, here’s a stat for those of you who assume that the low-ballers also had a field day in January:
Only five of the 146 sales closed at less than 85 percent of the list price (2 SFR, 3 RW).
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, Redmond and Bend.