Median sales price falls for second month in a row. What happened last time that occurred?

The housing market in Bend, Oregon, tapered slightly in May, as the median sales price fell for the second month in succession and the inventory of homes on the market rose compared with April. Still, the year-to-date median price remained steady at a price that represents a high for the 10-plus years for which we have data.

May’s median sales price was $379,000. That’s 4.1 percent lower than March’s median sales price of $395,000 and 2.8 percent lower than April’s median of $389,950.

If recent history is any indication, this dip could eventually turn into a trampoline. The last time monthly median sales prices declined in consecutive months was in 2016 (when they fell for three months in a row, in fact). That stretch of monthly declines after the median price reached $374,000 in May ended emphatically with a 7.5 percent month-over-month increase from August to September to $385,750 – the calendar-year high for 2016.

Two hundred seventeen homes were sold in May, four fewer than in April. The number of houses whose priced was reduced was 107 — 32 percent. The last time the percentage of active listings with a reduced price was that high was in the three-month stretch in 2016 when the monthly median sales figure dropped. (See the previous paragraph for what happened after that three-month stretch.)

Year over year, May’s median sales price showed a 1.3 percent increase from the corresponding month in 2016. That is the smallest year-over-year increase in a monthly median sales figure since January 2016. That month, the median sales price of $317,450 was 3.7 percent lower than in January 2015.

The 2017 year-to-date median price stayed at $380,000 after taking into account May’s sales. That remains the highest year-to-date median price on record. In fact, each month of 2017 has reset or tied the record for the highest year-to-date median sales price.

High-end homes a big part of inventory

The inventory of homes rose to 3.1 months in May. Inventory — expressed as the time that would be required to sell all homes on the market given the current pace of activity — was 1.7 months in May 2016.

May 2017’s inventory is skewed, however, toward higher-priced homes. Of May’s 337 active listings, 33 percent were priced at more than $725,000 (that percentage was 25 percent in March and 31 percent in April). For homes priced from $225,100 to $625,000, the inventory is in the range of two months. And two months of inventory falls well on the side of being a “seller’s market.”

Tied to the inventory is the volume of homes on the market. Each month this year, the active listings have been the fewest for those respective months in the 10-plus years for which the Skjersaa Group has data. As mentioned in the previous paragraph, the quantity of homes priced at $725,000 and less is particularly tight.

Late spring and summer traditionally are the most active months for real estate, and if you’re looking to buy a home or considering putting yours on the market, I can be of help. In my time as a Realtor, I have helped clients achieve their desired results regardless of the time of year and the trend of the market. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

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Median price drops in February amid overall mixed data

UntitledLooking solely at February’s median sales price of a home in Bend, Oregon, one might be struck by the decline from the previous month. But other data from the real estate market indicate the demand for homes remains strong.

February’s median sales price was $354,853. That’s 4.3 percent lower than January 2017’s figure of $370,813. Compared with February 2016, however, median prices showed a 7.0 percent increase.

This was the sixth consecutive February in which there was a year-over-year increase in the median sales price. Last month’s 7.0 percent year-over-year rise was the second-lowest over this six-year span, not much more than the 6.8 percent increase from February 2014 to February 2015. In the other four years, the February year-over-year increase in the median sales price was more than 14 percent, and — looking at just one month earlier — the year-over-year increase from January 2016 to January 2017 was 16.8 percent.

Does February’s median sales price mean that the appetite for homes is grinding down? In considering this question, it’s worth looking at other information from last month.

The inventory of homes for sale decreased from 3.1 months in January to 2.7 months in February. In 2016, the February inventory of 4.9 months was a calendar-year high.

The average days on the market in February also reflected a more active than usual February market. In January, the average days on market was 141 days, and in February it fell to 136, within two days of the shortest time in any February in the 10 years for which the Skjersaa Group has data.

One hundred twenty-eight homes were sold in February. On a per-day basis, that’s a higher rate than the 130 sold in January. Comparing to February in previous years, the 128 is the second-most sold in the last 10 years, behind the 131 in 2014.

But there’s also this: Fifty-seven houses on the market in Bend reflected a reduced price. As a percentage of active listings (324 homes), that is 17.6 percent. Looking, again, to February in previous calendar years, that was the most since a 19.9 percent reduced rate in February 2011. In February 2012, the rate was 17.5 percent, essentially the same as in February of this year.

The percentage of homes priced at $625,100 or more continues to be the largest segment of homes on the market. Of the 324 active listings in February, 35 percent (114 homes) were in this price range after 36 percent of active listings were of this price in January. As the calendar turned to March, there were 326 active listings, and the percentage of homes priced $625,100 or more was higher: 38 percent.

Whatever the market is doing, you will benefit from having an experienced Realtor working for your best interests. I know the Bend market and will help you realize a worry-free outcome — whether you’re considering selling your home or you’re a buyer. To learn more about how I can assist you in your real estate transaction, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

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August median sales price shows further leveling off

By Jason Boone

In my review of May’s home sales data in Bend, Oregon, I suggested that the market might have been reaching a peak. The figures for the three months since seem to support that theory.

The median sales price of a home in August was $359,000. That represents the third month in succession that the median price has fallen, from May’s figure of $374,000 (which was the second-highest median figure in the 10-year period for which we have data).

Complementary data, however, show a still robust real estate market.

A decline in the median sales price in August might be reflection of the number of homes on the market. There were 534 active listings, the most this calendar year. The inventory of homes on the market (which represents how long it would take for all homes currently on the market to be sold if the number of houses for sale held steady) increased from 2.2 months in July to 2.4 months in August.

The inventory in Bend was nearly five months in February, but it has been less than three months in each of the six months since. Keep in mind that an inventory of six months is generally regarded as the boundary between a seller’s market and a buyer’s market — and we’re still at less than half of six months.

It’s worth considering also that the average days on the market for a sold home in August was 101 days. That’s an increase of four days from July but otherwise the lowest in this market since a 99-day average in May 2015.

The average sales price to list price in August was 98 percent. That’s the second-lowest of 2016. This calendar year had a string of 99 percent figures except for one month (95 percent in March), which probably has to be dismissed as noise. Excepting March, the average sales price to list price has been 99 percent in each month since October.

Despite the month-to-month declines in median sales price, the year-to-date median rose to a calendar-year high $356,124. That’s 9 percent more than the year-to-date median last August ($326,482). The August 2016 median sales price was 4.1 percent higher than last August’s.

Pending sales at the end of August numbered 257 — the fewest since 242 at the end of February. A similar drop in pending sales occurred last August, which could be a reflection of the end of the summer, typically a busy time for the real estate market.

The data indicate that it’s a good time to be either a seller or a buyer. To learn more about Bend home options, get started with listing your Bend home, or to view area homes, contact me at (541) 383-1426, or visit Bend Property Search to connect with me through my website.

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The Bungalows at NorthWest Crossing walkable, sustainable and beautiful

2547 NW Shields Dr. is among the three available units from Phase One of The Bungalows at Northwest Crossing.

2547 NW Shields Dr. is among the three available units from Phase One of The Bungalows at Northwest Crossing.

By Jason Boone

The trend in real estate for years has been to build smaller, greener homes in walkable neighborhoods. In fact, in a recent Urban Land Institute survey a majority of Americans expressed a desire to live in compact and mixed-use communities and half of respondents listed walkability as among the key factors in considering where they want to live.

It stands to reason. Two of the largest generations of Americans — retiring baby-boomers and coming-of-age millennials — are either looking to downsize or to move into a first or second home. Both generations have changing tastes, expressing an increasing preference for smaller, beautifully designed homes that are environmentally sustainable. And the homes should be walking distance to parks, open spaces, restaurants and shopping.

Certainly we have seen these trends come to fruition in Bend, Oregon real estate.

The Bungalows at NorthWest Crossing was designed with these desires in mind. At the heart of the NorthWest Crossing neighborhood, a master-planned community centered around this new-home philosophy, the 24-unit condominium project has proven perfect for empty-nesters and second-home owners who want to be a part of a vibrant, safe neighborhood.

.Designed by Muddy River Designs and built by Greg Welch Construction, the project calls for 24 one- and two-bedroom condominiums with floor plans between 600 and 1,400 square feet. From ductless heating and cooling systems and tankless water heaters to water-sipping faucets, each bungalow is ultra-efficient and built with particular attention to detail.

In addition, part of what makes The Bungalows a special project is that it sits near Lewis and Clark Park and only a short walk from the dining and shopping options that have helped make NorthWest Crossing so popular.

The Bungalows at NorthWest Crossing has now completed the five units in its first phase. Of those, only three turn-key units have yet to be reserved:

  • Unit 2. This 1,237-square-foot, two-level home features a great room, two master suites upstairs, 2.5 bathrooms, attached two-car garage and a covered porch. Listing price: $415,000.
  • Unit 9. This 1,285-square-foot home, two-level home features a main-level master suite, great room, two bedrooms, 2.5 bathrooms and an attached two-car garage. Listing price: $435,000.
  • Unit 18. The 1,100-square-foot, single-level design is one of only two standalone units in The Bungalows. Features include an open great room, two bedrooms, two bathrooms, and an attached two-car garage. Listing price: $459,000.

It has been quite a year since breaking ground on the five units in the first phase. The Bungalows were a featured stop this summer at the 2015 Tour of Homes and Greg Welch has already won a green building award.

If you miss out on Phase One, fear not. Phase Two will begin shortly. Don’t lose a chance to live the good life in one of the most innovative developments in Bend, Oregon.

To get started with listing your Bend, Oregon home, or to view area homes contact me by calling (541) 383-1426 or visit Bend Property Search to connect with me through my website.

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Where Do I Start Looking To Buy A Home In Bend?

Bend Oregon Home For Sale

Simple Tips to Help You Find the Right Home for You

BEND – Home buying can sometimes be a mix of excitement and frustration because, you know that it’s the right decision that you want to make for yourself and your family but you don’t know where to get started.

In this post were going to cover steps to that you should take so you can find a home for sale in Bend and save the time, money plus hassle of having to do everything yourself.

Step 1 – Find a Realtor

The first step towards finding a home in Bend that’s for sale is hiring a Real Estate Agent. You will want to work with a Realtor because; he or she will have access to the Multiple Listing Service (MLS) as well as a variety of other contacts to help you find the home that’s perfect for you.

Step 2 – What “Exactly” Are You Looking For?

Every home buyer knows what they want in a home and also what they are willing to settle for. Before you start your home search you should come up with your list of what you want and what you and your family is willing to settle for because, this approach will help you to stay clear during your home search especially if you find a home that could be great after you do some remodeling work to it.

Step 3 – Get Pre-qualified For a Mortgage Loan

Another important thing that you need to do before searching for a Bend Oregon Home is to get pre-qualified for a mortgage loan because, pre-qualification means that you will know what homes you can really afford and not face the disappointment of finding the right home only to realize later that it’s out of your price range.

For more tips on the home buying process in Bend, or to view the latest homes for sale in the area, contact me today at (541) 383-1426.

Should You Ask The Seller To Include Furniture In The Sale Of Their Bend Home?

home-furnitures

In the Bend Oregon real estate market, staging a home is one of the most important things that any homeowner can do to help their homes attract the attention of potential home buyers, and sell quickly.

Yes, staging is one of the most successful things any homeowner can do to sell their homes but, it can also have another effect when a potential home buyer asks the homeowner to include all, or specific pieces of furniture with the sale of the home.

Don’t Annoy The Homeowner

Although some home buyers may be tempted to ask for furniture, appliances or more to be included with the sale of the home, sometimes asking the seller for too much might annoy the Bend Oregon homeowner, and make the sale of the home more troublesome than both parties expected.

Know Your Sales Agreement

Before the even submitting an offer on a home for sale in Bend Oregon, you must make sure that the sales agreement doesn’t say that the home will be sold as is, or has the term: “no stated value”, because the homeowner might be less inclined to include personal items like furniture, family heirlooms, artwork or antiques with the sale of their home.

Asking the homeowner to include their appliances, furniture or artwork with the sale of the home might be more difficult than expected because, most homeowners typically purchase their personal items over the years and their perceived value of those items might be different than what the value of those items actually are is in the mind of the home buyer.

If you’re in the process of buying a home, and you fallen in love with the furnishings that are in the living room, or the appliances that are in the kitchen of the home, it’s important to remember that furnishings and appliances can be found almost anywhere these days and that the real focus of the home buyer should be to get into the home first and then focus on furnishing it later, unless the buyer is able to pay cash for the home, and money is no object, since most lenders these days typically will have objections to financing the purchase of a home especially when personal items like furniture or appliances are included with the sale.

For more information on this topic or to view the latest Bend Oregon homes for sale, contact me today by calling 541-383-1426.

Jason Boone | Principal Broker, CRIS | Duke Warner Realty | Skjersaa Group
Oregon Real Estate Licensee | 1033 NW Newport Ave Bend, Oregon