Now that we’ve welcomed in 2012, it’s a good time to look back and see how the various Central Oregon real estate markets fared in 2011.
To get a sense of how each compared to the previous two years and to each other, I charted the progress (or lack thereof, in a few instances) of the Bend, Redmond and Sisters Single Family Residential (SFR) and Residential with Acreage (RW) segments in four general categories for 2009, 2010 and 2011.
I tracked the total number of sales for each year, along with the average price of homes sold, the total volume of sales and the days on market (DOM), which is now paired with cumulative days on market (CDOM).
Of the three primary markets, Sisters made the most overall progress (especially with regard to its RW listings). On the other hand, Bend’s SFR market stumbled a bit, while its RW listings saw a slight improvement. Redmond also had mixed results –- with fewer sales and a lower sales price among its SFR listings but notable improvement among its RW listings.
Here’s a more detailed overview of how each area fared:
Sales activity in Bend saw little change from 2010 to 2011. Its SFR sales actually decreased slightly: down from 1,690 in 2010 to 1,689 in 2011 (although higher than 2009’s 1,564 sales). However, with 255 sales, Bend’s RW segment did see an increase in 2011, compared to 213 sales in 2010 and 155 sales in 2009.
When it came to the price of the listings sold, both SFR and RW listings saw a decrease. In 2011, the average sales price of SFR listings was $238,099, compared to $244,680 in 2010 and $265,831 in 2009. The average price of RW listings sold in 2011 was $354,981, compared to $386,670 in 2010 and $450,998 in 2009.
In terms of sales volume, Bend’s SFR listings saw a decrease, while RW listings saw an increase. For 2011, the total sales amount for SFR listings sold was $402,149,646, compared to $413,509,736 in 2010 and $415,759,990 in 2009. Meanwhile, the total sales amount for RW listings was $90,520,039, compared to $82,360,628 in 2010 and $69,904,659 in 2009.
As for days on market, there were only slight shifts in both segments for 2011 (one saw a slight increase in DOM: the other saw a slight increase in CDOM), but both have had a significant reduction since 2009. In 2011, SFR listings had an average of 138/154, compared to 143/180 in 2010 and 163/213 in 2009. In 2011, RW listings had an average of 171/205, compared to 172/243 in 2010 and 185/261 in 2009.
Like Bend, Redmond saw a decrease in the number of SFR sales for 2011, although its decrease was more substantial. In 2011, there were 658 SFR sales, compared to 727 in 2010 and 634 in 2009. RW sales, on the other hand, were up substantially (also like Bend). In 2011, there were 84 RW sales, compared to 64 sales in 2010 and 56 sales in 2009.
When it comes to the average sales price of homes sold, SFR listings saw a decrease, while RW listings actually saw an increase (a rare thing, these days). In 2011, the average sales price of an SFR listing sold was $137,203, compared to $142,425 in 2010 an $170,515 in 2009. The average price of an RW listing, on the other hand, was $256,629, compared to $249,069 in 2010 and $346,799 in 2009.
Not surprisingly, overall sales volume for SFR listings was also down. In 2011, the total amount for SFR listings sold was $90,279,764, compared to $103,542,942 in 2010 and $108,106,428 in 2009.
As for days on market, there was little change in SFR listings but a fairly dramatic increase among RW listings. In 2011, SFR listings saw 148/181, compared to 135/186 in 2010 and 158/221 in 2009. In 2011, RW listing saw 225/274, compared to 161/220 in 2010 and 202/328 in 2009.
Both SFR and RW listings saw an increase in the number of sales for the past three years. In 2011, there were 95 SFR sales, compared to 88 sales in 2010 and 70 sales in 2009. There were 63 RW sales in 2011, compared to 54 sales in 2010 and 26 sales in 2009.
When it came to the average sales price of homes sold, both SFR and RW listings saw a decrease in 2011. SFR listings sold for an average of $248,019 in 2011, compared to $295,488 in 2010 and $372,483 in 2009.
In terms of sales volume, SFR listings saw a decrease while RW listings saw an increase (and a significant improvement since 2009). The total amount of SFR sales for 2011 was $23,561,771, compared to $26,002,979 for 2010 and $26,073,795 for 2009. The total amount of RW sales for 2011 was $28,836,950, compared to $25,841,375 in 2010 and $10,471,900 in 2009. The total volume was actually higher than for SFR sales, which was not the case for Bend or Redmond.
As for days on market, SFR listings sat on the market longer in 2011, with an average of 228/264, compared to 188/247 in 2010 and 222/245 in 2009. On the other hand, RW listings saw less time on the market, with 215/288 in 2011, compared to 237/292 in 2010 and 169/228 in 2009.
Want to learn more about what’s happening with the Bend, Redmond or Sisters real estate markets today? Then don’t hesitate to call me at 541-480-0987 or email me. I’d be glad to assist you whether you’re buying or selling real estate in Central Oregon.
About the Author:
Lisa Broadwater, GRI, CDPE s a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend.