A widely-held theory is that about 6 months of available inventory represents a "balanced" or "neutral" real estate market, favoring neither buyers nor sellers. At September's rate of sales, the Bend area housing market has reached this balanced, neutral position.
There were 148 stick built houses on less than an acre reported sold in Bend for the month of September. There are currently 878 houses in Bend currently listed for sale in the MLS of Central Oregon. Dividing 878 by 148 gives us 5.93, which represents the "absorption rate," or the number of months it would take to "absorb" all of the houses listed today at September's sales pace.
Though different price ranges yield vastly different absorption rates, the overall market in Bend continues to show improvement.
Wednesday, October 14, 2009
Wednesday, October 7, 2009
Distressed Property Transactions Lead Sales Higher
Bank-owned properties, despite making up only about 6.6% of all houses listed for sale in Bend, accounted for more than 1 in every 3 houses reported sold in September.
According to data pulled from the MLS of Central Oregon, 139 sales of stick built houses on less than 1 acre closed escrow last month. Of these, 53 were bank-owned. In addition, 29 of the 139 sales were "short sales," which occur when a lender agrees to accept less than what is owed on the property.
According to data pulled from the MLS of Central Oregon, 139 sales of stick built houses on less than 1 acre closed escrow last month. Of these, 53 were bank-owned. In addition, 29 of the 139 sales were "short sales," which occur when a lender agrees to accept less than what is owed on the property.
Tuesday, October 6, 2009
September, 3rd Quarter Sales Continue Upward Trend
Lower prices, a wide array of houses to choose from and near record low interest rates helped sales of single family homes in the Bend area increase 13.9% in September from a year earlier. And for the 3rd quarter, sales activity was up 32.4% from the 3rd quarter of 2008, according to data compiled from the MLS of Central Oregon.
Tuesday, September 15, 2009
Brisk Summer Home Sales Continue
The pace of home sales in Bend continued on an upward trend in August, with 131 reported closed sales in the month. This represents an increase of 36.5% from August 2008.
The upswing in sales has been driven by lower prices, with the median sale price for homes sold last month down 21.7% from a year earlier, to $220,000.
Though down year-over-year, August's median sale price was above the median price for sales during the first 7 months of the year ($215,000) and higher than July's median sale price of $217,000. (April's median sale price of $195,000 was the lowest year-to-date, and the lowest since at least April 2005).
I welcome your comments and questions.
The upswing in sales has been driven by lower prices, with the median sale price for homes sold last month down 21.7% from a year earlier, to $220,000.
Though down year-over-year, August's median sale price was above the median price for sales during the first 7 months of the year ($215,000) and higher than July's median sale price of $217,000. (April's median sale price of $195,000 was the lowest year-to-date, and the lowest since at least April 2005).
I welcome your comments and questions.
Tuesday, August 11, 2009
Bend Home Sales Soar
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.
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.
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.
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