With more than a week remaining in the month, closed home sales in Bend already exceed year ago levels by nearly 50%!
72 homes were sold in the entire month of November 2008. So far this month, 105 sales have been reported to the MLS of Central Oregon. There were 112 sales in November 2007.
With 5 business days remaining, it's almost certain that we'll exceed the number of closed sales from 2 years ago and make a run at the 139 sold in November 2006.
I'll be sure to post the final number for the month once they're available.
Saturday, November 21, 2009
Friday, November 6, 2009
Million Dollar Home Sales Up In October
11 properties in the Bend area priced at one million dollars or more closed escrow last month, a huge increase from September when just 3 such properties were reported sold. In fact, only 8 properties with prices of one million dollars or more were reported sold in the entire 3rd quarter of this year.
Another 5 properties priced at or above one million dollars have accepted purchase contracts just since October 1.
While many of these property sellers may feel like they're selling at a steep discount relative to values of a few years ago, it's a great sign for the overall market that higher end properties are starting to move again!
Another 5 properties priced at or above one million dollars have accepted purchase contracts just since October 1.
While many of these property sellers may feel like they're selling at a steep discount relative to values of a few years ago, it's a great sign for the overall market that higher end properties are starting to move again!
Thursday, November 5, 2009
Congress Passes Bill Extending Homebuyer's Tax Credit
The House of Representatives passed a bill earlier today extending unemployment benefits up to an additional 20 weeks. As part of the bill, the tax credit for first time homebuyers was extended and expanded to include a $6500 credit for buyers who purchase a primary residence if they've lived in their current house for at least the last five years.
The tax credit, which was scheduled to expire on December 1, was extended to include those purchase contracts signed by April 30 and closed by June 30.
In addition, the maximum qualifying income levels were increased to $125,000 for single filers and $225,000 for joint filers.
The Senate passed the bill yesterday and President Obama is expected to sign the bill in to law tomorrow.
The tax credit, which was scheduled to expire on December 1, was extended to include those purchase contracts signed by April 30 and closed by June 30.
In addition, the maximum qualifying income levels were increased to $125,000 for single filers and $225,000 for joint filers.
The Senate passed the bill yesterday and President Obama is expected to sign the bill in to law tomorrow.
Wednesday, November 4, 2009
October Homes Sales Highest In Over Three Years
Single family home sales in Bend reached a level not seen since August 2006 last month.
There were 172 closed sales reported to the MLS of Central Oregon in October. We have to go back more than 3 years to find a month with more sales; 200 transactions closed in August 2006. The next closest monthly sales number over the last 3+ years was 159 in March 2007.
The 172 sales represents an increase of 52.2% from October 2008 and a gain of 13.2% from the 152 closed in September.
Distressed property sales continued to drive the market, with 59 bank owned and 35 "short sales" closing last month, amounting to more than half of all sales (54.7%).
The dollar per square foot price seems to have flattened out, as October's median of $113.93/sf is the 4th time in the last 5 months where $/sf has come in between $109/sf and $114/sf. (The low for the year incidentally was $105/sf in April, while the high was $125/sf in January. The average for the 1st 10 months of this year is $113.5/sf).
There are still many good buys out there and more short sales are coming together each month, so if you're in the market to buy or sell, please give me a call to discuss your situation.
There were 172 closed sales reported to the MLS of Central Oregon in October. We have to go back more than 3 years to find a month with more sales; 200 transactions closed in August 2006. The next closest monthly sales number over the last 3+ years was 159 in March 2007.
The 172 sales represents an increase of 52.2% from October 2008 and a gain of 13.2% from the 152 closed in September.
Distressed property sales continued to drive the market, with 59 bank owned and 35 "short sales" closing last month, amounting to more than half of all sales (54.7%).
The dollar per square foot price seems to have flattened out, as October's median of $113.93/sf is the 4th time in the last 5 months where $/sf has come in between $109/sf and $114/sf. (The low for the year incidentally was $105/sf in April, while the high was $125/sf in January. The average for the 1st 10 months of this year is $113.5/sf).
There are still many good buys out there and more short sales are coming together each month, so if you're in the market to buy or sell, please give me a call to discuss your situation.
Thursday, October 29, 2009
Extension of Homebuyer Tax Credit All But Certain
The Obama administration has come out in favor of extending the tax credit offered to homebuyers who have not owned a primary residence in the last 3 years.
Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan issued a statement earlier today that reads, in part, "this credit has made the difference in bringing new families into the housing market. Those buyers, in turn, have reduced the inventory of unsold homes and contributed to three months in a row of increases in home prices nationwide. A stronger housing market benefits homeowners and strengthens the financial system."
And it appears that the plan may be expanded to provide a new credit of $6500 to those buyers who have owned their current primary residence for at least the last five years. In addition, there is talk of increasing the maximum qualifying income limit from $75,000 to $125,000 for an individual and to $225,000 from $150,000 for couples.
Though the proposal must still pass through both houses of Congress, it looks all but certain that the tax credit will at least be extended, and likely expanded to include more homebuyers.
I'm aware of a number of buyers who have been reluctant to make offers, especially on short sales, for fear that their deal won't close escrow in time to take advantage of the credit. An extension of the tax credit will certainly encourage more people to buy now.
Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan issued a statement earlier today that reads, in part, "this credit has made the difference in bringing new families into the housing market. Those buyers, in turn, have reduced the inventory of unsold homes and contributed to three months in a row of increases in home prices nationwide. A stronger housing market benefits homeowners and strengthens the financial system."
And it appears that the plan may be expanded to provide a new credit of $6500 to those buyers who have owned their current primary residence for at least the last five years. In addition, there is talk of increasing the maximum qualifying income limit from $75,000 to $125,000 for an individual and to $225,000 from $150,000 for couples.
Though the proposal must still pass through both houses of Congress, it looks all but certain that the tax credit will at least be extended, and likely expanded to include more homebuyers.
I'm aware of a number of buyers who have been reluctant to make offers, especially on short sales, for fear that their deal won't close escrow in time to take advantage of the credit. An extension of the tax credit will certainly encourage more people to buy now.
Wednesday, October 28, 2009
Senators Extend Tax Credit For Homebuyers
According to the Associated Press, the Senate has agreed to extend a tax credit for 1st time homebuyers that was set to expire December 1, and to expand it to include some repeat buyers.
Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, said that Senators have agreed to extend the tax credit while also offering a credit of up to $6500 to buyers who have owned their current principal residence for at least the last five years.
A congressional aide speaking anonymously to the AP also said that the tax credit would be available to buyers who sign purchase contracts by the end of April for transactions closing by the end of June.
The full Senate could vote on the bill as soon as tomorrow. Stay tuned!
Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, said that Senators have agreed to extend the tax credit while also offering a credit of up to $6500 to buyers who have owned their current principal residence for at least the last five years.
A congressional aide speaking anonymously to the AP also said that the tax credit would be available to buyers who sign purchase contracts by the end of April for transactions closing by the end of June.
The full Senate could vote on the bill as soon as tomorrow. Stay tuned!
Tuesday, October 27, 2009
Senate Democrats Agree To Extend Tax Credit
Reuters reported today that Democratic Sen. Christopher Dodd, chairman of the Senate Banking Committee, said that senior Democrats in the Senate have agreed to extend the first time homebuyers tax credit, which is scheduled to expire on December 1.
Dodd has earlier indicated that he'd like to extend the credit through June 30, 2010 and expand it to include all buyers purchasing a primary residence. Senate Majority Leader Harry Reid has backed a version that would extend the full credit until the end of March and then phase it out through 2010.
No details were released but according to Dodd, the agreement reached would blend these two proposals.
Dodd has earlier indicated that he'd like to extend the credit through June 30, 2010 and expand it to include all buyers purchasing a primary residence. Senate Majority Leader Harry Reid has backed a version that would extend the full credit until the end of March and then phase it out through 2010.
No details were released but according to Dodd, the agreement reached would blend these two proposals.
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