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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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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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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What’s Really Happening with the Real Estate Market in Oregon?

real estat bend oregon

There’s no denying that the Real Estate Market has been booming and the demand for homes is up across Oregon but according to some economists the demand for homes hasn’t increased as much as has been reported elsewhere.

Thanks to a recent article by Oregon’s Natural Resource report we know that mill inventories across Oregon have dropped in the last few months and also the demand for building permits has also stalled as well.

When both of these factors are combined together it is a cause for concern because, with higher demand for homes and low inventory there will be more people flocking to the rental market at least temporarily and this will raise rental prices across Bend and Central Oregon.

Home Ownership Lowest Since 2004

Yes the Real Estate and economic recovery has been great over the last couple of years but the reality is that home ownership is still only 64.8 percent in the United States compared to close to 70 percent in 2004.

20% of Homeowners Still Underwater On Real Estate Market

What will it actually take for home construction to increase and keep up with the demand for homes in cities like Bend, Sunriver, Redmond, and Prineville?

More homeowners will need to see dramatic equity increases in their homes until they are able to sell since close to 20% percent of homeowners across the United States still have underwater mortgages.

Companies like Redfin are predicting that the last 20% percent of underwater homeowners could have to wait up to five more years until they have regained enough equity in their homes to sell them.

For more information about the latest Real Estate Market news or to view Bend Oregon homes for sale contact me today by calling (541) 383-1426.

Real Estate Market Is Now Considered To Be Normal

home values bend oregon

Home values in Bend Oregon have been on a roller coaster ride over the last 14 years and many home owners and Real Investors have successfully weathered the ups and downs.

From 2006 to 2012 the Case-Shiller Housing Index would lose 33% but, thankfully that wouldn’t stop investors from coming back to the Real Estate market because, they realized the great deals they could get by buying homes at the bottom of the market.

Thankfully the Real Estate recovery has been going great across the country for the last two years and the Case-Shiller index shows us that home values have increased by 10% year-over-year since the recovery began back in 2012.

Back To Normal

Thanks to a recent report by CNN money we know that the Real Estate market is back on track and home values can now be considered to be “normal” by the standards of many economists across the country.

This year home prices haven’t increased as rapidly as they did last year and that’s intriguing because, home prices typically appreciate just a little bit faster than inflation and steady home values combined with a consistent supply of homes has made it easier for more home buyers to enter the Real Estate market including first time home buyers.

Hard Data

Last week Case –Shiller released some data that shows how the housing market has been changing in recent years.

For example: low price homes ($95,000 or less) have been fueling the recovery of the Real Estate market  because, thanks to deeply discounted prices low priced homes have driven up prices by over 30% since the bottom of the Real Estate market back in 2011 until now.

Low price tier homes for sale have slowed across the United States in the last quarter to just 1.2%, compared to 3.7% one year ago but thanks to more building in cities like Bend, it looks like we are finally seeing an even balance of supply and demand after a few years of “lopsided” results of too much demand and little supply.

For more information on the latest Real Estate news, or to view Bend Oregon homes for sale, contact me today for a free Real Estate consultation by calling me at (541) 383-1426.

Housing Market Almost Back To Normal Across United States

real-estate-market

With the rapid improvement of the Real Estate market in Bend, and across the United State, everyone these days is interested in how much the Real Estate market has improved in the last 12 months and thanks to a recent report by Trulia.com we know that the Real Estate market across the united States is close to 70% back to what can be called “normal”.

Behind The Statistics

Trulia has been tracking the improvements in the Real Estate market since early 2012 and they have been keeping their eye on three specific pieces of criteria: existing home sales, housing starts and delinquency.

Thankfully all key areas of the housing market have improved in the last year: construction starts have seen a 19% year-over-year improvement, existing home sales have improved by 13% in the last year nationwide (close to 30% when short sale statistics are excluded) and delinquencies are now lower than 10% for the first time in years.

Encouraging Statistics but…

When all of these statistics are averaged together we can see that the housing market has improved by close to 70% overall compared to a 42% improvement just one year ago.

Yes the housing market has been “on a roll” for the last year but with the current Government Shutdown many people are wondering exactly what will happen with the Bend Oregon Real Estate market, and home sales nationwide, if the shutdown continues.

How Long Will Shutdown Continue

With day 2 of the Government Shutdown ending all loans applications that were filed before the shutdown will be processed but most lenders will not be able to request verifications from the IRS because, they are shutdown and operating on a “skeleton crew” for the next month.

HUD, VA and FHA loans will all still be processed as before since the Federal Housing Administration will stay open thanks to contingency plans that the FHA and other Government Agencies had in place before the shutdown but if the shutdown goes for more than 21 days home buyers in Bend and across the United States who utilize FHA and other loans may be affected.

Are you planning on buying or selling a home in Bend Oregon? Contact me today at (541) 383-1426 to learn how easy it is to view homes for sale in the area or to list your home.

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