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.

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.

CoreLogic Price Index Report – Real Estate Market Had Huge Growth in May

CoreLogic Price Index Report

By Jason Boone

BEND – Thanks to the recent CoreLogic Price Index Report we know that the Real Estate market had huge growth in May 2015 as home prices rose 6.3 percent, year-over-year, while the mortgage interest rate for a 30-year fixed mortgage loan remained below 4 percent.

Great Time to Buy a Home Right Now

The Core Logic Price Index report also confirmed that they expect home prices nationwide to increase by another 5.9 percent from May 2015 to May 2016.

With more home price increases predicted this means that right now is a great time to buy a home because mortgage interest rates are also predicted to increase over the next year and you could literally save hundreds of dollars per month off your mortgage payment if you decide to buy a home right now.

CoreLogic Price Index Report Short Term Projections

In the coming months CoreLogic also predicts that we will see a short term increase in home prices of at least 0.9 percent, and with inventory tight in many locations across the United States, including Central Oregon, you can expect to see multiple offers on homes for sale, so it pays to act fast and be ready to buy when the right property becomes available.

New Construction Up 23 Percent Nationwide In Last Year

Another encouraging statistic from the CoreLogic Price Index Report is that new home construction nationwide is up 23 percent in the last year.

This is great news, especially for first time home buyers because, as more new home inventory becomes available, existing homeowners who have been waiting to sell over the last four years will finally list their homes and first time home buyers will have a greater supply of inventory to choose from.

Learn More

To learn more about homes for sale in Bend Oregon, or to speak with me about listing your home for sale, contact me today by calling (541) 383-1426 or CLICK HERE.

When Is The Best Time In Life To Buy A Bend Oregon Home?

Home Buyers Bend Oregon

By Jason Boone

When is it the right time to buy a Bend Oregon Home?

In today’s post we will cover some of the best times in life for you to buy a Bend Oregon Home so you can have confidence no matter where you are at in life that it’s the right time to buy.

You’re Getting Married

If you plan on getting married in 2015 now is the right time to buy a home since it’s possible to buy a home, renovate (if needed), move in and have your home ready before your wedding date.

Your Family Is Expanding

Is your family going to expand in 2015? Congratulations!

Most homeowners will know how you feel when it comes to needing a bigger home since families will feel the strain of trying to fit more family members into an already cramped space that’s why you should start searching for a new home now.

There’s nothing better than knowing you’ve found the right home which has plenty of space for your expanding family.

Are Your Parents Getting Older?

At one point in life you may be facing the decision of what to do for your parents as they age, or you may be there now…..

When this time in life comes it’s best to buy a home since you can find a home which has an in-law suite attached or plenty of land for you to build your parents their own separate space to live on your property.

Is Retirement Right Around The Corner For You?

Last of all, but most important, if retirement is coming up in 5 to 10 years why not buy a home now?

You can buy another Bend Oregon home, rent it out and pay down the mortgage then either live there when you retire or continue renting it out for the income in the future.


For more information on the best time of life to buy a Bend Oregon Home or to view homes for sale across the region contact me, Jason Boone, Principal Broker with Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to contact me online.

Home Buyer Questions Answered

Bend Oregon Home For Sale

By Jason Boone

 

Buying a home in Bend Oregon or anywhere else in the United State is an exciting part of life and I’ve found most home buyers to have common questions or concerns.

 

In this post I will answer common home buyer questions so you can know what to expect if you plan on buying Real Estate in Bend or elsewhere in the coming months.

 

Question 1 –How Much Home Can I Really Afford?

 

Answer – When determining how much of a mortgage payment you can really afford it’s important to review your current debt to income ratio.

 

Most lenders won’t want you to have a debt-to-income ratio of no more than 40% since more debt means you will have a harder time paying your mortgage every month.

 

Question 2 – What Should I Offer On A Home?

 

Answer – Although it might seem like a good idea to submit a low ball offer you should take into consideration many factors before submitting an offer on a home including:

 

  • Area home values.
  • What homes sold recently in the same neighborhood, and for how much.
  • Your overall desire to buy the home.

 

Question 3 – Can I Really Win If There Are Multiple Offers On A Home?

 

Answer – Yes, you can win a home even if there are multiple offers on the table.

 

Your best approach is to write a letter to the owner so they can see you as a “real person” and not just a random home buyer.

 

It’s also a good idea to drop some of your inspection contingencies when buying a home so it makes the sellers job of moving on from their home easier.

 

Want more answers to your home buying questions?

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Contact me, Jason Boone, Principal Broker at Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by clicking here to contact me through my website.

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