Brisk sales in March lead to tighter market in Bend

Home AppreciationBy Jason Boone

Buyers are off to a brisk start to the year apparently, leaving an almost historically tight market for single-family homes in Bend.

How tight is the market you ask? Through the month of March, the Bend market offered up about 2.3 months of inventory, according to data recently compiled by the Skjersaa Group. That is tied for the lowest mark in at least the last 10 years, equaling the 2.3 month of inventory in June 2013.

Part of the reason why the market is tight is that buyers appear to be getting a jump on the buying season. Bend saw 185 sales in March, up from 125 in February and 164 in March 2015. But sellers are moving a bit slower, though. In March, there were 383 active listings, the exact number as in February and down from 401 active listings in March 2015.

The math is relatively simple: a brisk sales pace coupled with fewer active listings equals a tighter market. And a tight market, not surprisingly, generally means an uptick in prices.

March sales

True to form, March delivered.

The March median sales price — the midpoint in which half the homes in Bend sold for more and half for less — landed at $346,000. That is up from $331,660 in February. Through the first three months, the year-to-date median stands at $333,045, up from $322,800 in the first quarter of 2015.

And as the weather warms, there appears no end in sight to the fast pace. March ended with 276 sales pending, which is on par with the 278 pending sales in March 2015. Only one other March in the last 10 years has topped more than 200 pending sales (209 in March 2013).

Some more interesting data from the Skjersaa Group’s March report:

  • Interestingly, and perhaps counterintuitively, the average sales price was 95 percent of the average list price. That is the lowest average sales-price-to-list-price ratio since 2011 and breaks a four-month streak of a ratio of 99 percent. Most likely that is statistical noise, but it is worth watching in the coming months.
  • Buyers in the market for a homes priced at $625,000 or higher should find a nice array of choices. That price range offered up 120 active listings on April 1, the most of any price range. Predictably, the next heftiest market is with homes priced between $325,000 and $425,000. That range began April with 85 active listings.
  • The average days on market for a home was 130 days, a drop from 142 days in February. The average days on market was in line with March 2015, which boasted an average of 132 days.
  • Homes priced between $225,100 and $325,000 represented 69 of March’s 185 sales, easily the highest-selling price range. Forty-four homes sold between $325,100 and $425,000, the second-highest range.
  • The market for homes priced at $225,000 or less in Bend is almost nonexistent. In March, there were just eight homes sold in that range, and the month brought just five new listings in that price bracket.

Knowing how the data applies to each buyer or seller takes expertise. I can help navigate the market and find the perfect Bend, Oregon home.

To learn more about Bend home prices, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.

2015 ends with a banner month of home sales in Bend

mortgage interest ratesBy Jason Boone

What was already an impressive year in 2015 ended on a particular high note in December. In fact, an almost shocking number of homes were sold during the last month of 2015, pushing the year into record-breaking territory.

How good of a month was it?

Through the month of December 214 homes were sold, significantly more than the 141 homes that sold in November and the 169 homes that sold in December 2014, according to data recently compiled by the Skjersaa Group. The December pace was closer to the busy months surrounding summer (from May through September monthly sales landed between 225 homes to 259 months) than a typical winter month.

The strong December might actually portend to another big year in 2016, even if there are hunches the end of the year might bring a moderation of the market.

One key piece of data from the report is that the year ended with just 3.1 months of inventory, which is well down from the 5.2 months that were live in November. The tally is the lowest since just 2.4 months of inventory sat on the market in June 2015 and more than a full month less of inventory than in December 2014.

The median price, the midpoint in which half the homes in Bend sold for more and half for less, was $325,275 in December. That is up from $321,275 in November and $290,000 in December 2014. And the sales price of each home was on average 99 percent of listing price, suggesting pricing power for sellers.

Some of the December spike might be explained by the Federal Reserve’s decision to hike interests rates, which may have pushed some potential buyers off the fence. The rental market remains tight. And Bend remains a desirable choice for relocation, making it among the fastest-growing metropolitan areas in the nation.

Regardless of the explanation, it appears that Bend’s real estate market remains strong as we begin 2016.

Some more interesting year-end data from the Skjersaa Group report:

  • In 2015, there were 2,370 homes sold in Bend, the most since at least 2006. To compare, 2,145 homes sold in 2014 and 2,171 sold in 2013.
  • The annual median price was $327,500. That is up from $290,000 in 2014.
  • The average days on market in 2015 was 122 days, which is down from 130 days in 2014 and 127 days in 2013.
  • The average inventory was just three months in 2015, which is down significantly from five months in 2014 and four months in 2013. In fact, only twice (February and November) did the monthly inventory rise above four months.
  • In all, an average of 198 homes sold per month in Bend, which is up from 179 homes a month in 2014 and 151 in 2013.

Knowing how the data applies to each buyer or seller takes expertise. I can help navigate the market and find the perfect Bend, Oregon home.

To learn more about Bend home prices, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.

November housing data moderates in Bend as winter approaches

downloadBy Jason Boone

The residential real estate market in Bend, Oregon tends to slow during the winter months. Typically beginning in November, the colder weather combined with the holiday season often sends potential home buyers and sellers into temporary hibernation, leading to fewer new listings and the whittling down of inventory.

November 2015 was no exception, according to data recently compiled by the Skjersaa Group.  The median sales price in Bend on 141 sales in November landed at $321,500, down from $339,950 in October and the lowest monthly median since April. The year-to-date median — the number where half the homes sold for more and half less — fell from $329,000 in October to $328,000 in November.

This is no surprise. A closer look at the data reveals an ongoing winter trend that has developed since the Bend market began to pick up steam in 2013. The monthly median — which fell from $295,000 in October 2014 to $290,000 in November 2014 — has dropped from October to November for three straight years.

Nov 2015 Median

More than that, the number of active listings in Bend slipped from 565 in October to 508 in November, continuing a trend of October-November inventory declines that also began in November 2013. And the number of new listings slipped to 143 in November from 236 in October, while the total months of inventory increased to 5.2 from 3.8.

By now you probably get the idea.

Why is it important? A knee-jerk reaction might lead someone to mistake the moderations in the November data for something more troubling. But in reality, such predictable trends give a sense of normalcy to the market. And predictability is often a good indicator of a healthy market.

In addition, the slower market can also present unique buying opportunities, even if there are fewer active listings. Fewer listings are typically met with fewer buyers, and the average days on market hit 138 days in November, up from 109 in October.

Of course, there is more to learn from the data. Some other notable items from the report include:

  • The most competitive segment of the market remains homes priced from $225,100 to $325,000. That price range saw 68 homes sold in November, down from 78 in October. With 115 active listings, there was just 1.7 months of inventory in November and the average days on market for each home was just 110 days, the shortest of any price range in Bend.
  • Conversely, there were just 11 sales of homes listed for $625,100 or more in November, down from 20 in October. There are now 143 homes listed in that range and 13 months of inventory, which is up from 7.8 months in October.
  • Homes priced from $425,100 to $525,000 saw the only month-over-month decline in inventory, dropping from 6.1 months in October to 4.8 months in November.
  • For the entire market, the average sale price was 99 percent of the average listing price, up from 98 percent in October. The November tally is equal to the average for the year. In November, homes priced from $125,000 to $225,000 (101 percent) and homes priced from $325,100 to $425,00 (100 percent) beat the annual average.
  • For the 14th consecutive month home inventory was held at less than six months, the time considered to be a balanced market. But the 5.2 months of inventory in November crept closer, and is a full month more of inventory than the 4.2 months in November 2014.

Knowing how the data applies to each buyer or seller takes expertise. I can help navigate the market and find the perfect Bend, Oregon home.

To learn more about Bend home prices, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Bend median home price stays strong in October

Bend Oregon Home For SaleBy Jason Boone

The upward trajectory of the Bend, Oregon housing market continued in October 2015, extending a four-year recovery trend from the depths of the Great Recession. Bend’s October median home price came in at a robust $339,500, according to data recently compiled by the Skjersaa Group. The year-to-date median — the number where half the homes sold for more and half less — sits at $329,000.

Both median prices represent a significant year-over-year gain. In October 2014, the median sat at $290,000 both for the month and year to date. Of course, anyone with a memory remembers the scariest days of the recession, when the median home price in Bend bottomed out at $169,950 in February 2011.

Despite the dramatic gains, though, the Bend market is closer to balance than some might think. For one, the median home price is still well below the statistical high point hit in May 2007, when the median price in Bend hit $396,250.

And contrary to what many folks who see all those For Sale signs might believe, there is not a glut of homes on the market right now. In fact, that appears to be far from the case.

The number of active listings is significantly fewer than the waning days of the housing boom. In September 2007, 1,587 active listings were on the Bend market. And in February 2009, the months of inventory sat at 47.7 months.

Contrast that to today. Right now there are 565 active listings, which is less than the 638 on the market in October 2014. And in October, the Bend market had just 3.8 months of inventory of homes for sale. In fact, the market has averaged just three months of inventory year to date.

What does that all mean for buyers and sellers?

Six to seven months of inventory in Bend is considered a balanced market, which means the market still is favoring sellers. But there are signs that the Bend market does seem to be moderating after nearly four years of gains, which countered three years of losses.

Moderation, of course, is good news for most everybody.

Knowing what trends have developed can give both buyers and sellers an advantage in the market. Here are some other interesting tidbits that can be gleaned from the data:

  • The earlier in the year the better for sellers. More and more homes are hitting the market as the months get warmer. Since 2013, the first half of each year has produced far fewer price reductions. In April 2015 Bend saw 79 price reductions. In May, that number jumped to 138 and had climbed each month since before falling back to 145 in October.
  • The months of home inventory has held under six months during each month since September 2014. Until it reaches six months of inventory, though, Bend will be considered a “seller’s market.” The market for homes of less than $425,000 was the most competitive, with less than two months of inventory.
  • The average selling price so far this year has been 99 percent of its listing price. And the average days on market has been 120 days. Not surprisingly, in October homes between $125,000 and $225,000 (a small group that accounted for just 10 sales) spent the fewest days on market at just 85 days.
  • In October, there were 194 homes sold, which is fewer than the 207 sold in October 2014. So far this year there has been an average of 202 sales per month, which is up from the 183 per month through October 2014 and the 186 per month in 2013. The statistical low was in 2008 with a shocking average of just 68 sales per month.

Knowing how the data applies to each buyer or seller takes expertise. I can help navigate the market and find the perfect Bend, Oregon home.

To learn more about Bend home prices, get started with listing your Bend home, or to view area homes contact me call (541) 383-1426, or visit Bend Property Search to connect with me through my website.

Signs That You’re Ready to Become a First Time Bend Oregon Home Buyer

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By Jason Boone

BEND, Ore – So you’ve been renting a Bend Oregon apartment for a while now and are getting tired of the noise from other tenants in your building plus you crave the freedom that comes from owning your own home.

These are signs that you’re ready to become a first time Bend Oregon Home Buyer.

Before you take that “leap” and buy your first home make sure you follow these tips to insure that you will be successful with your home purchase.

Tip 1 – Make Sure you’re Financially Ready to Buy a Home

Although you may have at least 10 percent saved for a down payment on a home, this is only the first step in being financially ready to buy a home in Bend Oregon.

To really be financially ready you must make sure that you’re committed to owning a home and the other financial responsibilities which come with it like: homeowners insurance and property taxes.

Tip 2 – Confirm That Your Credit Score Is 700 or Higher

Take a moment and buy your 3-in-1 credit report online. This will enable you to view your credit reports from Equifax, Transunion and Experian plus give you the ability to correct any inaccurate items which may be reported about you on your credit report.

Tip 3 – Know Exactly What You’re Searching for in a Home

After you’ve taken the right steps to make sure that you’re financially ready for homeownership, the next step is to KNOW exactly what you really want in a home.

For example: 3 bedrooms, 2 bathrooms, square feet, yard space, garage etc.

Knowing what you are really searching for in a home will help you to be a better prepared Bend Oregon Home Buyer and make your Realtor’s job of finding the right home for you easier as well.

We Help Bend Oregon Home Buyers

To learn more Bend Oregon Home Buyer Tips, or to view the latest homes for sale across Bend, contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by clicking here or calling me at (541) 383-1426.

When Is A Bend Oregon Home Too Good To Be True?

Bend Oregon Home Buyer

Bend Oregon Home

By Jason Boone

As a home buyer you may have encountered one or more Bend Oregon Home which may seem too good to be true.

If you’ve been left wondering if a home is possibly a scam or not, here are 3 things to watch out for which will help you to avoid the time, money and hassle of falling prey to a Real Estate scam.

Tip 1 – Pressure to Close

One of the important things you should always be able to do as a home buyer is take your time so you can have confidence in the fact that you’re purchasing the right home for your family

Any seller or agent who is pressuring you to close should cause you to take a step back and question if there may be something wrong.

Tip 2 – Very Low below Market Value

Although it’s not uncommon to see homes listed below market value, you should question homes which are listed far below market value since there may be a reason why the homeowner is trying to sell their home for that price.

Tip 3 – You’ve Been Asked for Your Financial Information

Last of all, but most important, if you’ve been asked for your financial information, or the seller has asked you to wire them money through Western Union, these are also classic scam indicators and signs that the seller should not be trusted.

For more tips on how to protect yourself during a Real Estate transaction, or to search for a Bend Oregon Home, contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me through my website.

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