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.

January another strong month for Bend home sales

Bend Oregon Home Price information

By Jason Boone

So much for freezing the Bend real estate market this winter. In fact, the local market pretty much started 2016 in the same way it ended 2015: with a record-breaking month.

According to data recently compiled by the Skjersaa Group, 155 homes were sold through January. That might not sound like much, but it is actually a remarkable number for this time of year. Looking at data that goes back to January 2007, the previous high for the first month of the year came in 2015, when 120 homes were sold. Otherwise, only one other January in the last 10 years has topped 100 homes sold.

The January report offers other evidence that the Bend real estate market remains robust. A healthy 170 sales were pending to begin February, which is up from 139 to end December. And 178 new listings were posted in January, up from 135 in December and 164 in January 2015.

Jan 2016 graphic

Meanwhile, the months of inventory on the market has remained well below four months.

Some interesting data from the Skjersaa Group’s January report:

  • The January median sales price — the midpoint in which half the homes in Bend sold for more and half for less — landed at $317,450. That is down from $325,275 in December, and a typical drop from December to January.
  • In January, there were 395 active listings, down from 461 in December.
  • January’s 3.4 months of inventory is up from 3.1 months in December. Roughly six months of inventory is considered a balanced market between sellers and buyers.
  • There were only 58 price reductions in January, which is the lowest in a January since 2013.
  • The average number of days homes spent on the market in January was 138 days, the lowest January since at least 2006.
  • Homes priced between $425,100-$525,000 spent just 101 days on the market, the shortest of any price range.
  • Homes priced between $325,100-$424,000 accounted for 74 of the 155 homes sold in January.

This all comes on the heels of summer-like performance of 214 homes sold in December, which was far and away the best year-ending month in at least 10 years. That put a cap on what was a truly remarkable year in the Bend real estate market.

Something else to ponder is what this means for the rest of the year. Like most areas that enjoy all four seasons, the pace of the Bend market tends to follow the weather. That means summer typically brings the hottest sales. For instance, June 2015 saw 259 sales alone, the highest tally in a month in more than a decade.

The January numbers of relatively low inventory and high demand suggests that Bend will remain a seller’s market for the time being. And that will likely lead to continued upward pressure on home values.

If the brisk pace shown the last two months portends to a similarly hot summer, 2016 could very well bring another banner year in Bend.

But let’s not put the cart before the horse just yet.

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.

Planning On Buying or Selling a Bend Oregon Home during 2015?

Home Appreciation

Learn More about What Economists Predict For the 2015 Real Estate Market

By Jason Boone

Thanks to a recent report from Frank Nothaft, Chief Economist with Freddie Mac, we know that 2015 is going to be another great year for Real Estate across the United States and it’s also going to be an excellent year for anyone to buy a Bend Oregon Home, here’s why:

Mortgage Interest Rates Will Rise Slightly

Although mortgage interest rates are currently hovering near 4%, most economists including Frank Nothaft predict that mortgage interest rates will increase to just 4.5% next year.

An increase of .5% can mean that you will pay thousands of dollars more over the lifetime of your mortgage loan so if you’re planning on buying within the next few months it’s best to lock in a low mortgage interest rate now by getting pre-qualified for a mortgage loan.

Home Price Appreciation Will Also Increase

During 2015 we can also expect to see an increase in home price appreciation of at least 3%.

This is good for sellers but it will present challenges for some buyers since higher home prices and higher mortgage interest rates may keep some buyers out of the Real Estate market.

More Home Construction During 2015

There’s no denying that 2015 has been a great year for home construction in towns like Bend and Redmond during 2014; this will continue in the coming year as more permits have been pulled.

As we approach the end of the year by home builders who plan on starting construction of new homes in the coming months.

Buy a Bend Oregon Home

To buy a Bend Oregon Home or to view homes for sale across 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.

Why Hasn’t My Home Sold?

why hasn't my home sold

4 Simple Reasons Why Your Home Hasn’t Sold

By Jason Boone

As a long time Bend Oregon Realtor I’ve met homeowners from time to time who are frustrated because their home has been on the market but it hasn’t attracted the interest of buyers, and the homeowner wants to know why.

In 2014 home buyers are smarter than ever before. It also takes smart homeowners and Real Estate agents to find out why a home isn’t selling, what they can do to fix this problem and attract the interest from buyers who are searching the market for their next dream homes.

#1 – Your Home Is Overpriced

Sold Home For Sale Sign & New House

The first reason why your house hasn’t sold yet is because it may be overpriced.

Buyers are more savvy in today’s world than they were 20 years ago and they can easily search their smart phones to find out how long a home has been on the market but most important of all they are able to find out if a home is overpriced or not.

If your home is overpriced you should consider pricing it slightly below market value so Real Estate Agents and buyers will feel like they are getting a great deal, or you should consider pricing it right at market value so buyer interest will determine what your home is really worth.

#2 – Your House Looks “Shabby”

project car

Most of us love design shows on TV like Shabby Chic but if the outside of your home looks “shabby” this might be stopping potential buyers from getting out of their vehicles and checking out your home.

If you’re really serious about answering the question “what isn’t my home selling?” you should spend a weekend cleaning up the outside of your home by improving your landscaping, painting your front door, power washing your driveway and doing everything you can to make sure that the outside of your home reflects the care and commitment which you’ve shown to the inside of your home.

#3 – No Real Marketing Plan

mortgage payment bend oregon

Thanks to the Internet every Realtor has more resources than ever before for listing Real Estate and connecting with buyers.

If your home buying/selling expert isn’t offering you the best marketing program for your money this could be one of the reasons why your home hasn’t sold because, buyers aren’t able to find it online.

There are literally dozens of resources to choose from for marketing a home in 2014 rather than just having an open house so it’s best to sit down with your Realtor now rather than later to discuss their marketing plan for your home before another day goes by without interest from buyers in your home.

#4 You Didn’t Stage Your Home

home staging

Last of all, but most important, one important reason why your home hasn’t sold yet could be due to the fact that you didn’t stage it for sale.

Lack of staging is also reflected in the pictures a Realtor takes of a house and if your listing has “scary pictures” buyers will continue searching for other new homes & communities rather than taking a serious interest in your home.


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To learn more tips on how to sell your home if it’s been on the market for a long time or to view the latest Bend Oregon Homes For Sale contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me at jason@sgbend.com.

Real Estate News – Will Home Prices Continue To Increase In 2014?

Sold Home For Sale Sign & New House

The next 12 months will be the perfect opportunity to sell your home.

By Jason Boone

Thanks to a recent survey of Realtors across the United States by Realtor.com we know that the Real Estate market across the United States is expected to continue growing across the United States for the rest of 2014 and well into next year.

The Right Time to Sell Your Home

The May 2014 Realtor Confidence Index shows that the median home price nationwide is expected to rise by as much as 4 percent.

Although the increase or decrease in home prices is largely determined by things like the economy, job creation and basic rules of supply vs. demand, most Realtors nationwide feel that home prices will increase by as much as 4 percent or more in most cities.

Expected Price Increase for Oregon

Here in Oregon most Realtors feel that home prices are expected to rise by as much as 7% or more in the next 12 months.

Homeowners in cities like Bend, Redmond, Prineville and Sunriver should take advantage of the growth of the Real Estate market right now and plan on selling since cash sales are still strong, inventory has remained consistent and job growth has continued to increase, especially in Bend over the last 12 months as well.

Low Mortgage Interest Rates Bring More Buyers

Another great factor that’s encouraging to mention is that mortgage interest rates have remained low over the last 6 months and are currently averaging 4.17 percent for a 30-year fixed mortgage loan.

There’s no reason for a motivated buyer to see how much of a mortgage loan they qualify for if they’ve been planning on buying a home in Bend or elsewhere in Oregon.


To learn more about the latest Real Estate news or to view Bend Oregon homes for sale contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me anytime at: (541) 383-1426 or by emailing me at: jason@sgboone.com.

The Skjersaa Group pledges at least 1% of revenue to the preservation and restoration of the natural environment