Sales of stick built houses on less than one acre jumped 39.5% in July from a year earlier. 152 closed sales were reported to the MLS of Central Oregon last month, compared to 109 in July 2008.
There are currently 1,068 active listings on the MLS. At July's rate of sales, this represents just over 7 months of inventory, which is a relatively healthy market (generally 6 months of inventory is considered to represent a balanced market).
While the overall market is becoming more balanced, certain price segments are doing better than others. There are 269 properties currently listed for $500,000 or more. In July, only 19 such properties were reported sold. At this rate, there is over 14 months of inventory. Conversely, 133 houses were reported sold for less than $500,000 and there are currently 800 listings in this price range, equaling roughly 6 months of inventory. And at $250,000 and below, there is just over 4 months of available inventory, with 91 reported sales in July and 379 houses currently listed for sale.
If you'd like to see houses in your price range, just give me a call.
Tuesday, August 11, 2009
Monday, July 27, 2009
Saturday, July 11, 2009
Bend Sales Activity Shows Continued Improvement
The pace of home sales continued to show improvement in June, with 132 sales reported for the month, an increase of 13.8% from a year earlier.
Through the first 6 months of the year, sales activity has increased 8.9%, with the pace of sales picking up in the 2nd quarter. The number of sold properties increased 13.3% in the April thru May period compared with the same months in 2008.
Much of the improved sales activity can be attributed to lower home prices, with the median price of homes sold in the 2nd quarter down 31.5% year over year, from $306k in Q2 2008 to $209.5k in Q2 2009.
In addition to lower prices, the federal government is offering a tax credit of up to $8,000 to home buyers who have not owned a principal residence in the last 3 years.
To find out more about how to take advantage of today's opportunities, call me at 541.410.9060 or send me an email at Dan@DanEvansRealEstate.com.
Through the first 6 months of the year, sales activity has increased 8.9%, with the pace of sales picking up in the 2nd quarter. The number of sold properties increased 13.3% in the April thru May period compared with the same months in 2008.
Much of the improved sales activity can be attributed to lower home prices, with the median price of homes sold in the 2nd quarter down 31.5% year over year, from $306k in Q2 2008 to $209.5k in Q2 2009.
In addition to lower prices, the federal government is offering a tax credit of up to $8,000 to home buyers who have not owned a principal residence in the last 3 years.
To find out more about how to take advantage of today's opportunities, call me at 541.410.9060 or send me an email at Dan@DanEvansRealEstate.com.
Wednesday, June 17, 2009
Short Sales and Foreclosures in Today's Market
There is a lot of news about distressed properties in today's real estate market. Though short sales and foreclosures are both considered "distressed sales," the processes and your success in buying one are very different from each other.
While buying a foreclosure generally only requires that you get the lender/seller/owner (typically a bank) to agree to your offer price and terms, a short sale requires not only the seller/borrower's approval but the seller's lender (or in many cases, lenders) must also accept the price and terms of the contract. This is a HUGE difference.
The following recap of May sales sheds some light on just how divergent these two types of transactions can be.
Of the 119 total closed sales in May for stick built houses on less than an acre in Bend, 13 were short sales (10.9%) and 54 were foreclosures (45.4%). Contrast those percentages to the proportion of houses currently listed for sale that are short sales and foreclosures; 32.9% and 5%, respectively.
So while short sales account for nearly 1 in 3 houses listed for sale, they make up just over 1 in 10 closed sales. On the other hand, only 1 in 20 houses for sale is a foreclosure but nearly half of closed sales last month were bank owned!
In addition, the time it took to close the 13 successful short sales last month was a median of 131 days. On the contrary, the median number of days it took for a foreclosure sale to close was 75, nearly 2 months shorter! (The median time on the market for all sales last month was 107 days).
If you or someone you know would like to learn more about the differences between traditional transactions, short sales and foreclosures, please give me a call. I'd be happy to talk with you about the many important differences you need to know about, whether buying or selling.
While buying a foreclosure generally only requires that you get the lender/seller/owner (typically a bank) to agree to your offer price and terms, a short sale requires not only the seller/borrower's approval but the seller's lender (or in many cases, lenders) must also accept the price and terms of the contract. This is a HUGE difference.
The following recap of May sales sheds some light on just how divergent these two types of transactions can be.
Of the 119 total closed sales in May for stick built houses on less than an acre in Bend, 13 were short sales (10.9%) and 54 were foreclosures (45.4%). Contrast those percentages to the proportion of houses currently listed for sale that are short sales and foreclosures; 32.9% and 5%, respectively.
So while short sales account for nearly 1 in 3 houses listed for sale, they make up just over 1 in 10 closed sales. On the other hand, only 1 in 20 houses for sale is a foreclosure but nearly half of closed sales last month were bank owned!
In addition, the time it took to close the 13 successful short sales last month was a median of 131 days. On the contrary, the median number of days it took for a foreclosure sale to close was 75, nearly 2 months shorter! (The median time on the market for all sales last month was 107 days).
If you or someone you know would like to learn more about the differences between traditional transactions, short sales and foreclosures, please give me a call. I'd be happy to talk with you about the many important differences you need to know about, whether buying or selling.
Tuesday, June 9, 2009
May Home Sales Continue Upswing
Sales of stick built homes on less than one acre in the Bend area increased 14% in May from a year earlier. 122 sales were reported to the MLS of Central Oregon last month, compared to 107 in May of 2008.
The time it took to sell a house also improved, with the median time on the market for sales closed in May totaling 106 days, versus 164 days a year earlier.
The median sale price for homes sold in May was $217,450, down 28.7% from May 2008. The median price increased from April's $195,000 and from $215,000 for houses sold through the first 4 months of the year however.
The time it took to sell a house also improved, with the median time on the market for sales closed in May totaling 106 days, versus 164 days a year earlier.
The median sale price for homes sold in May was $217,450, down 28.7% from May 2008. The median price increased from April's $195,000 and from $215,000 for houses sold through the first 4 months of the year however.
Thursday, May 7, 2009
April Home Sales - The Good, The Bad and......
The Good
Bend home sales continued their upward trend in April, with 105 stick built houses on less than an acre of land reported sold for the month. This marks an increase of nearly 13% from the same month a year earlier, when 93 homes were sold.
Sales activity is up more than 5% through the first four months of this year over the same time period last year.
Time on the market also continues to shorten, with the median time from listing to closing for April sales reported to be 116 days, down 20 days (or nearly 15%) from a year earlier.
The Bad
6 of every 10 homes sold in April were distressed properties, with bank owned houses accounting for 43% of sales and short sales making up another 17%.
While short sales held fairly steady at around 17% of all sales, bank owned property sales increased in April from the first quarter of the year, when they made up roughly 32% of residential sales. This is even more astonishing when considering that bank owned properties account for only about 6.9% of all houses currently listed for sale in Bend.
The Ugly
Home prices continued their decline in April. The median price of homes sold last month was down more than 27.5% from a year earlier, and down 11.8% from the first quarter of this year. The median price of April sales was $195,000, down from $270,000 in May 2008 and $221,000 in the January through March period of 2009.
Opportunity
While it's become common knowledge that home sellers must be realistic in pricing their houses to sell, the current market has created some tremendous opportunities for today's home buyers.
With interest rates on 30 year fixed rate loans right around 5%, the federal government offering "first time buyers" an $8,000 tax credit (defined as someone who has not owned a primary residence in the last 3 years) and prices in Bend down to where they were in about 2004, a buyer can put just 3.5% down using a 30 year fixed rate FHA loan and have a principal and interest payment of only $1,023 per month for the purchase of a home priced at April's median of $195,000.
If you or someone you know is thinking of buying or selling, please give me a call. I'd be happy to discuss the opportunities available to you in today's market.
Bend home sales continued their upward trend in April, with 105 stick built houses on less than an acre of land reported sold for the month. This marks an increase of nearly 13% from the same month a year earlier, when 93 homes were sold.
Sales activity is up more than 5% through the first four months of this year over the same time period last year.
Time on the market also continues to shorten, with the median time from listing to closing for April sales reported to be 116 days, down 20 days (or nearly 15%) from a year earlier.
The Bad
6 of every 10 homes sold in April were distressed properties, with bank owned houses accounting for 43% of sales and short sales making up another 17%.
While short sales held fairly steady at around 17% of all sales, bank owned property sales increased in April from the first quarter of the year, when they made up roughly 32% of residential sales. This is even more astonishing when considering that bank owned properties account for only about 6.9% of all houses currently listed for sale in Bend.
The Ugly
Home prices continued their decline in April. The median price of homes sold last month was down more than 27.5% from a year earlier, and down 11.8% from the first quarter of this year. The median price of April sales was $195,000, down from $270,000 in May 2008 and $221,000 in the January through March period of 2009.
Opportunity
While it's become common knowledge that home sellers must be realistic in pricing their houses to sell, the current market has created some tremendous opportunities for today's home buyers.
With interest rates on 30 year fixed rate loans right around 5%, the federal government offering "first time buyers" an $8,000 tax credit (defined as someone who has not owned a primary residence in the last 3 years) and prices in Bend down to where they were in about 2004, a buyer can put just 3.5% down using a 30 year fixed rate FHA loan and have a principal and interest payment of only $1,023 per month for the purchase of a home priced at April's median of $195,000.
If you or someone you know is thinking of buying or selling, please give me a call. I'd be happy to discuss the opportunities available to you in today's market.
Monday, March 2, 2009
February Homes Sales Up
Sales of single family stick built houses on less than one acre in Bend increased in February from a year earlier, according to information reported to the MLS of Central Oregon.
61 sales have been reported so far and I expect this number will be even higher as more closed sales from late February are added this week. But even without any additional sales, the 61 posted so far represents an improvement of nearly 20% from a year earlier, when only 51 sales were closed.
What's Selling?
Nearly 60% of the February closings were distressed sales, with 21 bank-owned houses and 16 "short sale" properties sold during the month.
The volume of distressed sales is leading to lower overall prices, with the median sale price of February sales at $215,000 for 1962sf, or $109.6/sf. A year ago, the median price was $320,000 for 2008sf, or $159.4/sf.
While the fall off in prices does indicate continued weakness, the uptick in sales shows that more people are ready, willing and able to purchase a home in today's market.
If you or someone you know is considering selling or buying a home, feel free to get in touch to find out just what you can expect in today's ever changing market.
61 sales have been reported so far and I expect this number will be even higher as more closed sales from late February are added this week. But even without any additional sales, the 61 posted so far represents an improvement of nearly 20% from a year earlier, when only 51 sales were closed.
What's Selling?
Nearly 60% of the February closings were distressed sales, with 21 bank-owned houses and 16 "short sale" properties sold during the month.
The volume of distressed sales is leading to lower overall prices, with the median sale price of February sales at $215,000 for 1962sf, or $109.6/sf. A year ago, the median price was $320,000 for 2008sf, or $159.4/sf.
While the fall off in prices does indicate continued weakness, the uptick in sales shows that more people are ready, willing and able to purchase a home in today's market.
If you or someone you know is considering selling or buying a home, feel free to get in touch to find out just what you can expect in today's ever changing market.
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