The number of houses purchased in Bend last year by buyers paying cash increased 11% from a year earlier, and accounted for more than 1 of every 4 closed sales.
452 of the 1688 stick built houses on less than an acre sold in the area in 2011 were cash deals. This was up from 406 in 2010, when cash sales made up 24% of 1690 closed transactions.
Tuesday, January 24, 2012
Friday, January 13, 2012
Distressed Properties Continued To Drive Market In 2011
Distressed properties (short sales and foreclosures) accounted for a large portion of sales in Bend last year, continuing a trend we've witnessed over the last few years. 52.4% of all sales of stick built, single family houses on lots of one acre are less were either short sales or foreclosures in 2011. In 2010, distressed property sales represented just over 51% of total sales. What changed last year however was the mix of those distressed sales.
Short Sales Outnumber Foreclosures
While the term "short sale" has become ubiquitous in Central Oregon since the market crash, last year's total reached a new high water mark. 465 short sales were closed last year, making up 27.6% of all sales. This represents a 20.5% increase from 2010, when 386 properties sold were short sales (22.8% of all home sales).
And while too many houses are still being foreclosed on, there's a glimmer of hope that the worst may be behind us. Foreclosure went from representing 34.2% of all sales in 2010, to just under 24.8% last year. And the picture improved even more over the 2nd half of the year, when foreclosure sales made up just 18.7% of the total. The overall number of bank-owned properties sold in 2011 decreased by nearly 28% from a year earlier, from 579 to 418.
Average Time To Complete Short Sale Improves
It seems everyone has heard at least one horror story about the special challenges of short sales, including often having to wait weeks, and sometimes even months, for an answer. But there's positive news on this front as well.
While short sales continued to take longer to close than other types of home sales last year (162 days versus 110 days), on average, short sales took 51 fewer days to close in 2011 than they did in 2010. That's almost 2 months faster!
But, if you or someone you know is considering a short sale, don't assume that any agent can handle your transaction. I've been recognized as a Certified Distressed Property Expert (CDPE) by the Distressed Property Institute and have extensive experience in handling short sales and foreclosures. I offer free, confidential consultations. Please call me at 541.410.9060 to arrange a time discuss your options.
Short Sales Outnumber Foreclosures
While the term "short sale" has become ubiquitous in Central Oregon since the market crash, last year's total reached a new high water mark. 465 short sales were closed last year, making up 27.6% of all sales. This represents a 20.5% increase from 2010, when 386 properties sold were short sales (22.8% of all home sales).
And while too many houses are still being foreclosed on, there's a glimmer of hope that the worst may be behind us. Foreclosure went from representing 34.2% of all sales in 2010, to just under 24.8% last year. And the picture improved even more over the 2nd half of the year, when foreclosure sales made up just 18.7% of the total. The overall number of bank-owned properties sold in 2011 decreased by nearly 28% from a year earlier, from 579 to 418.
Average Time To Complete Short Sale Improves
It seems everyone has heard at least one horror story about the special challenges of short sales, including often having to wait weeks, and sometimes even months, for an answer. But there's positive news on this front as well.
While short sales continued to take longer to close than other types of home sales last year (162 days versus 110 days), on average, short sales took 51 fewer days to close in 2011 than they did in 2010. That's almost 2 months faster!
But, if you or someone you know is considering a short sale, don't assume that any agent can handle your transaction. I've been recognized as a Certified Distressed Property Expert (CDPE) by the Distressed Property Institute and have extensive experience in handling short sales and foreclosures. I offer free, confidential consultations. Please call me at 541.410.9060 to arrange a time discuss your options.
Tuesday, January 10, 2012
2011 Sees Bend Real Estate Market Hold Steady
1683 stick-built, single family homes were sold in Bend last year, 7 fewer than the total reported for the year 2010, but offering another indication that the area housing market has stabilized following the implosion of a few years ago.
After hitting a low of just 1120 closed transactions in 2008, sales rebounded to 1561 closings in 2009 and rose again the following year to 1690. Though I still meet people everyday who mistakenly believe "houses aren't selling in Bend," the number of closed sales over the past few years is comparable to the "pre-boom" years, such as 2002, when 1526 houses were sold (in my opinion, the "boom" began in the 2nd half of 2003 when 1021 sales were recorded in the last 6 months of the year).
Prices, when measured on both a median sale price and price per square foot basis, were nearly identical from a year earlier. The median price paid for houses sold in 2011 was $190,000, versus $190,500 in 2010. While the median sale price was down slightly last year, the average price per square foot paid in 2011 actually rose to $104.91/sf, from $104.38/sf in 2010.
If you're curious to find out what your home is worth today, please call me at 541.410.9060.
After hitting a low of just 1120 closed transactions in 2008, sales rebounded to 1561 closings in 2009 and rose again the following year to 1690. Though I still meet people everyday who mistakenly believe "houses aren't selling in Bend," the number of closed sales over the past few years is comparable to the "pre-boom" years, such as 2002, when 1526 houses were sold (in my opinion, the "boom" began in the 2nd half of 2003 when 1021 sales were recorded in the last 6 months of the year).
Prices, when measured on both a median sale price and price per square foot basis, were nearly identical from a year earlier. The median price paid for houses sold in 2011 was $190,000, versus $190,500 in 2010. While the median sale price was down slightly last year, the average price per square foot paid in 2011 actually rose to $104.91/sf, from $104.38/sf in 2010.
If you're curious to find out what your home is worth today, please call me at 541.410.9060.
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