Bend homes set third straight monthly record

The median sales price of Bend homes hit another record high in August — barely. It marked the third month in a row the median sales figure established a record.

At $414,000, the median sales price in August was $1,500 (0.4 percent) higher than July’s amount. That’s an even smaller increase than we saw from June to July, when the median sales price rose $3,500 (0.9 percent).

The last three months are the only time during 10-plus years for which the Skjersaa Group has data that the median price has reached $400,000.

Year-over-year prices rise for Bend homes

Year over year, August’s sales figure represents a 15.3 percent increase – the highest year-over-year increase this calendar year except for what occurred in January.

By the standards of Bend real estate, the inventory in August remained high, at 3.7 months (the second month in a row inventory was that high). Looking at the historical data for spring and summer months, August’s inventory was the highest since a 6.2-month figure in September 2014.

The inventory of homes in the price ranges of more than $625,000 again had an outsized influence on the inventory for the Bend market as a whole. Every price range above $625,000 was above the monthly average.

Inventory in price ranges of $625,000 and less, on the other hand, maxed out at 3.2 months. That shows that the competition for homes that aren’t in the boutique price range is keen, with the market favoring the sellers.

Some statistics indicate cooling period might come

But some of the data points indicate a possible slackening in the market. August had 638 Bend homes on the market, the most in a month since October 2014 (when there was also 638).

The average days on the market in August was 136 days. That’s five days less than in July. The last two months experienced the highest number of days on market in the spring and summer months since March and April 2014.

September began with 606 active listings for Bend homes, easily on pace for the most since fall 2014.

Looking at the slower pace of the increase in the median sales price, the relatively high inventory and the number of houses on the market, it wouldn’t be unreasonable to expect the Bend real estate market to cool. The last year there was a decline in the median sales price from August to September was in 2014.

With the median sales price of a Bend home at an all-time high, the need for a dependable, ethical Realtor can’t be overstated. Wherever you are in the real estate cycle — buying a home or thinking of selling — I can help you. My integrity and experience will ensure you of an optimal outcome. 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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Amid another record sales figure, buyers are pushing back

Median sales figure graphThe median sales price of a home in Bend, Oregon, set another record in July, the second month in a row that figure has reached unprecedented levels. But along with the rising median sales price came evidence that the market is highly competitive and buyers are pushing back on overpriced homes.

July’s median sales price was $412,500. That’s $3,500 (0.9 percent) more than June’s median price. June and July are the only two months out of the more than 10 years for which the Skjersaa Group has data that Bend’s median sales price has exceeded $400,000.

Compared with the median sales price of July 2016, this July’s figure rose 13.2 percent. The year-over-year increase in June was 10.5 percent – meaning that July’s sales prices showed a greater annual increase than June’s.

But there are signs that sellers need to get ahead of the game and price their homes competitively.

The average days on the market in July was 141 days, compared with 91 days in June. The 141 days is the highest for any July since 2012, which is the only year since 2010 that a July has had a higher days-on-market figure than this year. Put another way: July 2017’s days on the market are the second-highest for any July in the last eight years.

Looking at it another way, consider that the highest figure for average days on the market in any month in 2016 was 142 days – and that came in February, a typically slow month for home sales.

Inventory of homes matches high for 2017

And the inventory – the number of months it would take to sell all homes currently on the market given the current pace of sales – rose in July to 3.7 months, matching the highest month of this calendar year (January) and last exceeded in February 2016, when there was 4.9 months of inventory.

Our data is broken down by various price ranges, and as is usual with our monthly sales figures, not every price range tells the same story.

The inventory of homes priced at $625,000 and less is at most three months. Homes priced at more than $625,000 are driving a big part of the overall inventory figure.

Sellers reduce prices on sizable fraction of homes

Accompanying the record for median sales price figures these last two months is another noteworthy — and perhaps counterintuitive — statistic: the percentage of homes on the market with price reductions.

That number was 43 percent in June and 40 percent in July. We have to go back to February 2009 — before the housing market rebounded — to find a month in which 40 percent of the homes for sale had a price reduction.

There were 570 active listings in July. That’s the highest amount since August 2015 (583 active listings). And on Aug. 1, 2017, there were 638 active listings, the most since there were 638 in October 2014.

The sales data these past couple of months are open to various interpretations. Wherever you are in the real estate cycle — buying a home or thinking of selling — I can help you. My integrity, ethics and experience will ensure you of an optimal outcome. 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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Record for median sales price in June; $400K mark exceeded

Back-to-back months of declines in the median sales price of homes in Bend, Oregon, ended in June: The median price was $409,000 – a record for the 10-plus years for which the Skjersaa Group has data and the first time in that period that the median price has reached $400,000.

June 2017 figures share some characteristics from the same month in previous years, and the most important one might be that only once in the preceding 10 years was June the high-water mark for the median sales price in a calendar year.

June had the highest number of active homes (442) and the highest number of sold homes (246) this calendar year to date, as was the case with June each of the previous three years. In all three of those years, the June sales price exceeded what was then the year-to-date median price for the respective calendar year, but later months those years exceeded June’s median price.

Translation: Based on data from the last three years, June’s record-breaking sales prices could very well be eclipsed this calendar year.

It’s worth remembering that the median sales price is not an average sales price. The median is the amount at which half of the homes sold in a given month went for less than the median, and half went for more than the median.

Using the median figure rather than the average prevents the figures in question from being skewed by a handful of high-end homes.

(Which didn’t happen, anyway. Ten homes priced for $825,100 or more were sold in June, one fewer than in each of April and May.)

The inventory of homes on the market increased in June to 3.3 months. That’s the highest for a June since 2014, when it was 4.2 months. But, similar to a phenomenon we pointed out last month, the inventory for Bend as a whole is weighted by the most expensive tier of homes.

Inventory for homes in the range of $825,100 and $925,000 was 3.2 months, and for homes priced at $925,100 and up, it was 15.2 months. For homes priced up to $825,000 – which made up 79 percent of the active listings in June – the inventory was three months and less.

June’s median sales price was 10.5 percent higher than in June 2016. That marked the third year in a row that the year-over-year increase in June exceeded 10 percent. June’s $409,000 median price was 7.9 percent over the previous month’s – and that’s the highest month-over-month increase for a June since 2011, when the region was clawing its way out of the housing decline.

Another record was set in June, and that was for lowest average days on market: 91 days. It was the first time the average was less than 100 days since July 2016 (when it was 97 days) and only the third time since at least January 2007 (the extent of our data set) it has been less than 100 days.

It seems clear the real estate market in Bend has hit full stride. It’s an exciting time to be in the market – as a buyer or a seller. Whatever your position, I can assist in bringing about a solution that leaves you satisfied and in a great position.  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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Selling a home during the holidays has its advantages

We all have a lot on our plates this time of year. That reality can make the prospect of trying to sell a home appear daunting.

Who would put their home on the market now, just after Thanksgiving and a little before Christmas? Well, as counterintuitive as it might seem, selling a home during the holiday season can have its advantages.

You can be confident that anyone wanting to look at your home during the holidays is a motivated buyer. That reduces your workload. That should mean fewer instances you have to instantaneously make your home look so spotless it’s as if no one lives in it and then vanish for an hour or so. Prospective buyers could be facing a hard deadline, meaning they will want to complete a deal in good order. Tradespeople and professionals involved in the deal (home inspectors, appraisers, licensed repairmen) might be less busy and more able to take care of what’s needed to get the deal done.

Generally speaking, a home entering the market at this time of year has less competition for a prospective buyer’s attention but has a relatively greater chance of being sold. For each of the last seven calendar years in the Bend market (2009 through 2015), the two months with the fewest new listings have been November and December. But for sales as a percentage of active listings, December was the fourth-best month last year, the third-best month in 2014 and the second-best month in 2012.

Where we live, the holidays might not be the “down” time of year that it can be elsewhere. Every region of the country has its own pace and traditions, and every area has its times of year when trying to capture the attention of people — such as home buyers — is a challenge. In some places, a Saturday or a Sunday in the fall could be a poor time to try to sell a house if the locals are fervent football fans.

Remember, too, that buyers are doing their research on their own, on their own time, via online searches, rather than driving around neighborhoods. The Internet knows no seasons. If your house is appealing to a prospective buyer, that will be evident regardless of the time of year, the weather or road conditions.

Whatever time of year it is, I can help you get the best deal when it comes time to sell your home. Or, if you’re a prospective buyer, my knowledge of the Bend market will help assure you get an optimal deal. To 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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New Vs. Used Bend Oregon Home – Which Option Is Better?

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So you’re beginning to search for Bend Oregon Home for Sale but can’t decide if you should buy a new or resale Home. No problem!

In this article we will break down new vs. used homes and help you decide which home is right for you.

Why Buy A New Home?

Let’s face it, one of the first reasons why you should consider buying one of the many new Bend Oregon Homes for sale is that a new home hasn’t been lived in by anyone else.

With a new home you literally have an opportunity to leave your “stamp” on the home without buying a home which needs repairs, renovations or has “excess baggage” from the previous owners.

Besides not having to deal with the poor choices or decisions of the previous owner, you also can have confidence that everything in the new home in Bend Oregon is brand new.

You won’t have to concern yourself with making any major repairs or renovations to the home since it will covered under the builders warranty or your homeowners insurance.

Although there are many positive points about buying a new home in Bend there are some takeaways to consider including the following:

  • Many new homes are in neighborhoods which are under construction so you won’t really know who your neighbors are.
  • New homes are finished when you move in so you really won’t want to do any remodeling work.
  • When you buy a new Bend Oregon home you won’t have much room for negotiation, or have the ability to submit a lower, offer since there won’t be much work needed after you move into your home.

Why Buy A Resale Bend Oregon Home?

If you’re searching for a Bend Oregon Home For Sale and are serious about buying a home that you can renovate and leave your own “stamp” on then maybe a resale home is for you especially for these reasons:

  • Resale homes are in established neighborhoods so you will know who your neighbors are.
  • Used homes will many times have more unique features and character than newer homes.
  • Buying a resale home means you will be able to do some renovation to create the home you will really love.

Before Buying Bend Real Estate Do This

  1. Pay down your credit cards and old debts so you can lower your debt-to-income ratio.
  2. Review your credit reports and credit score to make sure that the 3 credit bureaus (Equifax, Transunion and Experian) are reporting accurate information about you.
  3. Save at least 20 percent for a down payment on a home. This step is important because, it will also lower your debt-to-income ratio as well.
  4. Know what you’re searching for in Bend Real Estate (Example: bedrooms, bathrooms and square footage).

Search for Bend Oregon Homes for Sale

To learn more about homes for sale in Bend and Central Oregon contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by CLICKING HERE to email me.

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