The median price of homes sold in the 3rd quarter increased 5.1% from a year earlier, while sales volume was nearly identical. Prices also climbed 3.3% on a square foot basis.
The median sale price for homes sold in the July through September period was $205,000, up from $195,000 for the same period a year ago. And the median price paid per square foot was $112.95 in Q3, compared to $109.30 in 2010.
422 houses were reported sold in the 3rd quarter, almost the equivalent of the 421 sold a year ago.
Through the first 9 months of the year, sales volume in Bend is up 1.8%. Prices are down slightly; the median price paid in 2011 to date is $192.5K ($106/sf) compared to $195k (107.62/sf) over the same period in 2010.
With historically low interest rates (around 4.125% for a 30 year fixed rate loan) and a relatively tight rental market (good, clean rentals aren't available for very long), I expect this stability to continue in to the foreseeable future.
If you're curious to know what your house is currently worth, or want to find out exactly what you can afford to buy in today's low rate environment, please give me a call at 541.410.9060.
Showing posts with label homes bend oregon. Show all posts
Showing posts with label homes bend oregon. Show all posts
Tuesday, October 11, 2011
Wednesday, July 20, 2011
Bend Home Sales Slow, Prices Mixed
Single family home sales in Bend slowed from a year earlier in June, while prices continued to show some stability. 139 closed sales were reported to the MLS of Central Oregon last month, compared to 152 a year ago. The median sale price was $210,000, down 3.21% from June 2010. On a square foot basis however, prices increased 6.21% to $116.67/sf.
The number of closed short sales increased 23.33% and were more common last month than bank-owned foreclosure sales, which declined 32.5% from a year earlier. Short Sales accounted for 26.6% of all stick-built, single family homes in Bend last month, while foreclosures made up 19.4%.
The number of closed short sales increased 23.33% and were more common last month than bank-owned foreclosure sales, which declined 32.5% from a year earlier. Short Sales accounted for 26.6% of all stick-built, single family homes in Bend last month, while foreclosures made up 19.4%.
Wednesday, May 4, 2011
Cold Weather Put A Chill In April Home Sales....Or Did It?
Colder-than-average temperatures last month put a damper on annual garden blooms in Central Oregon. And at first glance, the chilly weather seems to have affected the pace of local home sales as well.
Data from the MLS of Central Oregon shows 133 homes on less than one acre of land were sold in April, down from 156 a year earlier. But was the weather the actual reason sales declined nearly 15%?
Another factor to consider is that the inventory of homes for sale is down about 25% from a year earlier. With more than 200 fewer houses on the market, the absorption rate went from about 19.4% a year ago to about 25% last month. In other words, while there was about 5 months worth of available housing inventory at this time last year, today there is only about 4 months.
My guess is that the weather won't be the only thing warming up; watch for price stability and, dare I say, maybe even price increases in some market segments, this summer!
Data from the MLS of Central Oregon shows 133 homes on less than one acre of land were sold in April, down from 156 a year earlier. But was the weather the actual reason sales declined nearly 15%?
Another factor to consider is that the inventory of homes for sale is down about 25% from a year earlier. With more than 200 fewer houses on the market, the absorption rate went from about 19.4% a year ago to about 25% last month. In other words, while there was about 5 months worth of available housing inventory at this time last year, today there is only about 4 months.
My guess is that the weather won't be the only thing warming up; watch for price stability and, dare I say, maybe even price increases in some market segments, this summer!
Friday, March 4, 2011
Cash Sales Account For Nearly 1 In 3 Home Sales In Bend
The MLS of Central Oregon now provides data on the financing terms used for all closed sales, thanks to the efforts of yours truly. I had requested this search feature be added because of a perceived increase in all cash sales. And those perceptions proved true in February, though not necessarily by as much as I'd expected.
36 of the 111 sales of stick built houses on less than an acre in Bend last month were bought for all cash. I would think 32% of the total sales selling for cash would represent a big increase from a year ago. But data in the MLS shows that 30 of the 111 sold in February a year ago were also purchased with all cash (27%). Nevertheless, the additional 6 cash sales does represent a 20% increase from 2010.
I'll make it a point to regularly track cash sales and share the results here with you. Let me know if there are any other trends you'd be interested in and I'll try to provide them to you.
36 of the 111 sales of stick built houses on less than an acre in Bend last month were bought for all cash. I would think 32% of the total sales selling for cash would represent a big increase from a year ago. But data in the MLS shows that 30 of the 111 sold in February a year ago were also purchased with all cash (27%). Nevertheless, the additional 6 cash sales does represent a 20% increase from 2010.
I'll make it a point to regularly track cash sales and share the results here with you. Let me know if there are any other trends you'd be interested in and I'll try to provide them to you.
Thursday, February 17, 2011
Bend Housing Affordability Reaches Record High
The 4th quarter of 2010 marked the most affordable time period for buying a home in the Bend region since the area was first included as a Metropolitan Statistical Area (MSA) at the beginning of 2006, according to an index released quarterly by the National Association of Home Builders and Wells Fargo.
The Housing Opportunity Index (HOI) showed that 78.2% of new and existing houses sold in the Bend area in the last quarter of 2010 were affordable to families earning the median income of $63,200. It marked just the third time (and 3rd straight quarter) that the index was above 70%.
Prior to the first quarter of 2009, the affordability index had never reached higher that 40.1% locally, and hit an all time low of 14.7% in Q1 2007, when the median sale price was $310,000, according to data from the association.
The Bend area was ranked the 133 most affordable MSA in the 4th quarter, out of 223 nationally. This is by far the highest ranking for our area since being designated as a MSA in 2006. To put this in perspective, we were ranked 199, 209, 211 and 207 in 2008, and never higher than 140, way back in the first quarter of 2006.
With interest rates on mortgage loans trending upward, now really is a fantastic time to buy a home. Call me today to get started!
The Housing Opportunity Index (HOI) showed that 78.2% of new and existing houses sold in the Bend area in the last quarter of 2010 were affordable to families earning the median income of $63,200. It marked just the third time (and 3rd straight quarter) that the index was above 70%.
Prior to the first quarter of 2009, the affordability index had never reached higher that 40.1% locally, and hit an all time low of 14.7% in Q1 2007, when the median sale price was $310,000, according to data from the association.
The Bend area was ranked the 133 most affordable MSA in the 4th quarter, out of 223 nationally. This is by far the highest ranking for our area since being designated as a MSA in 2006. To put this in perspective, we were ranked 199, 209, 211 and 207 in 2008, and never higher than 140, way back in the first quarter of 2006.
With interest rates on mortgage loans trending upward, now really is a fantastic time to buy a home. Call me today to get started!
Wednesday, February 16, 2011
Foreclosures Drag Bend Home Prices Lower
The median price per square foot paid in Bend last year for stick built houses on less than one acre was $104.66. But this figure differs dramatically depending on the type of sale.
While the overall median price per square foot paid in 2010 was down 6.6% from a year earlier, the price per square foot for all "traditional" sales (not a foreclosure or short sale) decreased by less than half that, down just 3% from 2009.
And short sales, besides seeing a jump of more than 20% in the number of successful deals last year, had a 6.2% lower median price per square foot than those from a year earlier.
So where does this leave foreclosures? The median price per square foot paid for "bank owned" properties plunged 11.1% last year. At $87.32 per square foot, foreclosed houses sold for a whopping 30.9% discount from traditional sales!
While I'll agree that there is more perceived risk in buying a foreclosure (seller's are exempt from disclosing to a buyer any defects affecting the property, for example) and that many need at least minor repairs (paint and carpet, etc.), a discount of 31% seems a bit extreme.
As a result, and as many buyers and investors are discovering, foreclosures are providing some truly fantastic buys, even in today's choppy market.
Let me know your thoughts by posting your comments below.
While the overall median price per square foot paid in 2010 was down 6.6% from a year earlier, the price per square foot for all "traditional" sales (not a foreclosure or short sale) decreased by less than half that, down just 3% from 2009.
And short sales, besides seeing a jump of more than 20% in the number of successful deals last year, had a 6.2% lower median price per square foot than those from a year earlier.
So where does this leave foreclosures? The median price per square foot paid for "bank owned" properties plunged 11.1% last year. At $87.32 per square foot, foreclosed houses sold for a whopping 30.9% discount from traditional sales!
While I'll agree that there is more perceived risk in buying a foreclosure (seller's are exempt from disclosing to a buyer any defects affecting the property, for example) and that many need at least minor repairs (paint and carpet, etc.), a discount of 31% seems a bit extreme.
As a result, and as many buyers and investors are discovering, foreclosures are providing some truly fantastic buys, even in today's choppy market.
Let me know your thoughts by posting your comments below.
Tuesday, February 8, 2011
Bend January Home Sales Highest Since 2007
125 stick-built houses on less than one acre closed escrow last month, the highest total for January since 135 were sold in 2007.
Sales increased more than 21% from a year earlier, and nearly doubled the anemic volumes of both January 2009 and 2008, when just 69 and 75 houses were reported sold respectively.
The increase in sales is directly related to the decrease in prices. January's median sale price was $191,000, or $104.66 per square foot. This is down 6.6% from a year earlier and more than 41.5% from January 2007, when the median sale price for the month was $327,900, or $178.98 per square foot.
Combined with interest rates still near historical lows (the rate on a 30 year fixed is around 5%), now really is a fantastic time to buy property in Bend and throughout Central Oregon. Call me today to find out how you can take advantage of the great opportunities in today's market.
Sales increased more than 21% from a year earlier, and nearly doubled the anemic volumes of both January 2009 and 2008, when just 69 and 75 houses were reported sold respectively.
The increase in sales is directly related to the decrease in prices. January's median sale price was $191,000, or $104.66 per square foot. This is down 6.6% from a year earlier and more than 41.5% from January 2007, when the median sale price for the month was $327,900, or $178.98 per square foot.
Combined with interest rates still near historical lows (the rate on a 30 year fixed is around 5%), now really is a fantastic time to buy property in Bend and throughout Central Oregon. Call me today to find out how you can take advantage of the great opportunities in today's market.
Tuesday, December 15, 2009
A Tale Of Two Markets
While home sales in Bend have increased from year earlier levels every month since February, breaking down the numbers to see what is selling reveals two vastly different markets.
Of the 176 closed sales last month, 35 sold from between $150k and $200k. Another 41 sold between $100k and $150k. And 7 sold for less than $100k. There are currently 213 houses listed for $200k or less. (I remember in the not too distant past when it was nearly impossible to find a house in Bend for less than $300k. But that's a story for another time!) At November's sales rate, there is just a little more than 2.5 months of inventory in this price range. To put it another way, it would only take until about the end of February to sell all the houses currently listed for $200k or less.
On the other end of the spectrum, there are currently 121 houses listed from between $500k and $1 million. There were 11 closed sales in this price range in November. This equates to 11 months of inventory. And as you might guess, the higher the price range, the greater the number of months of available inventory.
Over the past 12 months, there have been 20 sales from $750k to $1 million in Bend. 40 houses are currently listed for sale in this price range. That's 2 years of available inventory using the sales rate over the last year! But things may be getting a bit better in the higher end of the market; last month, 3 houses closed escrow with sale prices from $860k to $975k.
To find out how much your house is worth and how long it should take to sell, call or email me. As always, there's no cost or obligation.
Of the 176 closed sales last month, 35 sold from between $150k and $200k. Another 41 sold between $100k and $150k. And 7 sold for less than $100k. There are currently 213 houses listed for $200k or less. (I remember in the not too distant past when it was nearly impossible to find a house in Bend for less than $300k. But that's a story for another time!) At November's sales rate, there is just a little more than 2.5 months of inventory in this price range. To put it another way, it would only take until about the end of February to sell all the houses currently listed for $200k or less.
On the other end of the spectrum, there are currently 121 houses listed from between $500k and $1 million. There were 11 closed sales in this price range in November. This equates to 11 months of inventory. And as you might guess, the higher the price range, the greater the number of months of available inventory.
Over the past 12 months, there have been 20 sales from $750k to $1 million in Bend. 40 houses are currently listed for sale in this price range. That's 2 years of available inventory using the sales rate over the last year! But things may be getting a bit better in the higher end of the market; last month, 3 houses closed escrow with sale prices from $860k to $975k.
To find out how much your house is worth and how long it should take to sell, call or email me. As always, there's no cost or obligation.
Wednesday, December 2, 2009
Bend's November Home Sales Highest Since 2005
The number of closed home sales in Bend last month increased by more than 129% from a year ago. The 165 sales are the most for the month of November since 2005, when 252 sales were reported near the peak of home selling activity in Central Oregon.
Distressed sales continued to account for a large part of the overall number of closed sales, with bank owned/foreclosed properties making up 35.8% (59 houses) of the total sales and short sales an additional 23.6% (39 houses).
Home prices have reached a plateau, at least for the time being. With a median sale price of $116.33/sf, November marked the fourth consecutive month, and the sixth time in the last seven months, that the median sale price has been $113/sf or more.
Distressed sales continued to account for a large part of the overall number of closed sales, with bank owned/foreclosed properties making up 35.8% (59 houses) of the total sales and short sales an additional 23.6% (39 houses).
Home prices have reached a plateau, at least for the time being. With a median sale price of $116.33/sf, November marked the fourth consecutive month, and the sixth time in the last seven months, that the median sale price has been $113/sf or more.
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