The number of houses sold in the Bend/Tumalo/Alfalfa area increased nearly 40% in 2009 from a year earlier.
A total of 1563 houses were sold in last year versus 1123 in 2008, when prices really started to decline and the financial market was on the brink of imploding.
The increase in sales is attributable to drastically lower home prices, historically low interest rates and federal tax credits for home buyers.
The median price for all homes sold in Bend last year was $212,500, down more than 26% from 2008, when the median sale price for the year was $289,000. The median price per square foot fell by roughly the same percentage, from $153.2/sf in 2008 to $112/sf in 2009.
Continued low interest rates also played a role, with 30 year fixed rates staying below 5.5% and even dipping below 5% several times thoughout the year.
In addition, a federal tax credit of up to $8,000 for home buyers is leading some to buy now, before the incentive ends (Unless extended, the tax credits are set to expire at the end of April).
If you've been considering buying a home and haven't seriously looked in a while, I know you'll be surprised to see just how affordable homes are now compared to just a few short years ago. Give me a call today to get started.
Friday, February 19, 2010
Tuesday, February 16, 2010
Graffiti Removal Hotline
Until just a few minutes ago, I didn't even know Deschutes County had a Graffiti Removal Hotline. It's run through the county Juvenile Community Justice Department and the work is apparently done by youthful offenders. This sounds like an excellent program. Please copy this number and pass it along: 541.385.1720
Wednesday, January 20, 2010
Home Prices Up In 4th Quarter
In yet another sign of stability in Bend's housing market, the median price of homes sold in the 4th quarter rose by 6.1% from the 3rd quarter. Probably even more meaningful is that the median sale price per square foot for homes sold over the last 3 months of the year was 2.9% higher than those sold in the July through September period. (These numbers do not include manufactured homes, houses on more than 1 acre of land or condos and townhouses).
High End Homes Beginning To Move
And as I've noted here before, sales of more expensive properties have seen a resurgence lately as well.
There were more sales from $750,000 to $1.5 million in the 4th quarter alone (23) than there were in the previous 3 quarters combined (18)!
Inventory Continues To Shrink
Believe it or not, the overall market in Bend could now be classified as a seller's market! With 673 houses currently listed for sale and 163 closed sales last month, there is only slightly more than 4 months worth of housing inventory available. (6 months is generally considered a "balanced market.") Of course, different price segments of the market yield different results but the lower inventory is good news for Bend's real estate market overall.
High End Homes Beginning To Move
And as I've noted here before, sales of more expensive properties have seen a resurgence lately as well.
There were more sales from $750,000 to $1.5 million in the 4th quarter alone (23) than there were in the previous 3 quarters combined (18)!
Inventory Continues To Shrink
Believe it or not, the overall market in Bend could now be classified as a seller's market! With 673 houses currently listed for sale and 163 closed sales last month, there is only slightly more than 4 months worth of housing inventory available. (6 months is generally considered a "balanced market.") Of course, different price segments of the market yield different results but the lower inventory is good news for Bend's real estate market overall.
Tuesday, January 5, 2010
Bend December Home Sales More Than Double From Year Earlier
More than twice as many homes in Bend were reported sold last month than in the same month a year earlier.
158 homes on less than one acre in Bend were reported sold to the MLS of Central Oregon last month, an increase of 122.5% from December 2008, when 71 sales were reported in the midst of the worst financial chaos since the Great Depression.
December marked the 3rd straight month that sales activity reached levels not seen since the height of the market in 2005, and the 5th consecutive month sales activity exceeded numbers reported in 2008 and 2007.
158 homes on less than one acre in Bend were reported sold to the MLS of Central Oregon last month, an increase of 122.5% from December 2008, when 71 sales were reported in the midst of the worst financial chaos since the Great Depression.
December marked the 3rd straight month that sales activity reached levels not seen since the height of the market in 2005, and the 5th consecutive month sales activity exceeded numbers reported in 2008 and 2007.
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.
Friday, December 11, 2009
Are You Stupid For Not Buying A House Now?
A recent article in BusinessWeek makes a good case for buying a home now while interest rates are at/near historical lows rather than waiting to see if home prices might decline further.
Also keep in mind that most home buyers qualify for a tax credit if they buy a house before June 30, 2010.
Lastly, there is talk that the down payment for FHA loans will increase to 5% of the purchase price from 3.5% today. For a $250,000 house, that means that you'll be required to come up with an additional $3750 down.
As the article's author states, "If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime."
Also keep in mind that most home buyers qualify for a tax credit if they buy a house before June 30, 2010.
Lastly, there is talk that the down payment for FHA loans will increase to 5% of the purchase price from 3.5% today. For a $250,000 house, that means that you'll be required to come up with an additional $3750 down.
As the article's author states, "If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime."
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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