(See the charts below for the numbers at a glance.)
Of the markets I monitor most closely (Bend, Sisters and Redmond), the greatest gains were seen among Sisters Residential with Acreage (RW) listings, which saw an impressive increase in the total number of sales: 35.71 percent (38 sales, compared to 28 sales). Bend’s RW listings saw the second highest increase: 19.08 percent (156 sales, compared to 131). Bend’s Single Family Residential (SFR) listings also saw a double-digit improvement, with an 11.59 percent increase since 2nd quarter 2014 (1,136 sales, compared to 1,018), as did Redmond’s RW listings (up 10.41 percent, from 48 sales to 53).
Surprisingly, although every market saw an increase in the number of sales, not every market saw an increase in the average sales amount over this time last year. The most notable price increase was among Sisters SFR listings, which had an average sales price of $365,209, compared to $312,045 in 2nd quarter 2014, an increase of 14.76 percent. Ironically, Sisters RW listings saw the largest decrease in the average sales amount: $477,167, compared to $547,879 last year at this time, a decrease of 12.91 percent.
The only other market that saw a downturn in the average sales amount since this time last year was Bend’s RW listings, and here the decline was negligible: $520,437, compared to $527,244 in 2nd quarter 2014, a decrease of 1.29 percent.
When it came to days on market (DOM), properties for the most part, were moving a bit slower than last year at this time. Only Bend’s RW listings and Redmond’s SFR listings saw a decrease in the number of DOM (about 12 percent for both).
Several markets actually saw a substantial increase in the DOM, including Sisters’ and Redmond’s RW listings (a 26.32 percent increase and 20.37 percent increase, respectively). Those were the only two markets where listings were on the market more than six months (a still respectable 192 days for Sisters’ RW listings and 195 days for Redmond’s RW listings).
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.
But How Does the Current Market Compare to the Peak?
Because of the tremendous gains in the past couple of years, I’m frequently asked if we’ve returned to peak pricing. For those of you who remember Central Oregon’s boomtown days, here’s another chart that compares today’s market to that of its peak (between 2005 and 2007, depending on the specific locale).
Although the market has shifted significantly since reaching the bottom in 2009-’10, we still have quite a ways to go to hit those peak numbers. The Bend Single Family Residential market has seen the strongest gains: The average sales amount for 2nd quarter 2015 was $380,557, compared to $426,044 in 2006 –- just 10 percent lower than Bend’s peak price in 2007. By contrast, Redmond’s Residential with Acreage listings are still priced almost 50 percent lower than they were during the peak: The average sales price here for 2nd quarter 2015 was $393,488, compared to $777,592 in 2006.
Thinking of making a move to Central Oregon? I’d love to help you find the perfect Central Oregon property. You can reach me by phone or text at (541) 480-0987 or by email.
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.