As we headed into fall, the Central Oregon real estate market* continued to show improvement. Based on statistics recently released by the Multiple Listing service for Central Oregon, the total number of sales of Residential listings is up in every market, compared to the third quarter of 2014. For several locales, that increase is sizable.
In the major markets – Bend, Redmond, Sisters, Sunriver and La Pine – the numbers ranged from 3 percent on the low end (for Sisters Single Family Residential listings on less than an acre) to 25 percent (for Sunriver’s Single Family Residential listings on less than an acre) on the high end.
Many markets found themselves somewhere in between the two: For example, sales of Bend’s Single Family Residential listings on less than an acre (SFR listings) were up 9 percent, while sales of Redmond’s SFR listings and Single Family Residential listings on more than an acre (RW listings) were both up 8 percent.
(Skip to the bottom of this post to see several numbers-at-a-glance charts that detail aspects of the Bend, Sisters and Redmond markets.)
Of the markets I monitor most closely (Bend, Sisters and Redmond), the greatest gains were seen among Bend’s Residential with Acreage (RW) listings, which saw a 20 percent increase in the total number of sales (256 sales, compared to 205 sales in 2014). Sisters’ RW listings saw the second highest increase: 16 percent (51 sales, compared to 43).
Similarly, most markets saw a slight to moderate increase in the average sales amount over this time last year. The most notable price increase was among Sisters SFR listings, which saw an increase of 14 percent (an average sales price of $372,321, compared to $321,022 in the third quarter of 2014. Meanwhile, Sisters RW listings saw the only decrease in the average sales amount: $515,032, compared to $601,931 last year at this time, a decrease of 17 percent.
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.