Builders Take Bigger Hit Than Other Homesellers

In June of 2008, 114 homes on less than an acre were reported sold in Bend. This was down 25% from the 152 sold a year earlier. But it was new homes that saw the biggest slowdown in activity; sales of newly built houses were down 47% in June while existing home sales decreased by a relatively modest 16%.

And where new home sales accounted for 3 of every 10 houses sold in June '07, one year later that number was down to 2 in 10.

And finally, the number of standing spec houses for sale (newly built but yet to be sold) continues to shrink as many have been sold and builders pull back from building more.

While not meaning to imply that we're out of the woods just yet, I think this is on more sign that we are slowly making our way through this challenging market environment.

One In Three Houses For Sale Is Vacant

Of the approximately 1536 existing stick built houses on less than one acre currently listed for sale in Bend, more than one third are vacant.

Data pulled from the MLS of Central Oregon shows that 555 houses on less than 1 acre are standing vacant and listed for sale. Of these, 252 are new spec homes and 303 are existing houses.

The 555 vacant houses represent about 36% of all stick built houses currently listed for sale in Bend.

Since there is no need to coordinate schedules with multiple individual home sellers, it is much easier to get in and see a lot of vacant houses in a short period of time. If you'd like to get out and see what's currently for sale, feel free to give me a call to set up a time to go out and take a look...410-9060.

Sales, Prices Up in June

Numbers from the MLS of Central Oregon show that home sales activity in Bend increased in June, with 114 stick built houses on less than an acre reported sold during the month. Sales reported for May totaled 106 houses.

The median price per square foot for houses on less than an acre sold in June was also up from a month earlier. Of the 114 sold in June, the median $/sf was $165.6, compared to $154.8 in May.

Finally, the median sale price for houses on less than an acre also increased to $315,000 in June, up from $302,500 in May.