Inventory down, median price up in April

By Jason Boone

An already tight housing market in Bend, Oregon, got tighter in April.

Through the end of April, the inventory of houses for sale in the Bend market was 2.1 months, according to data compiled by the Skjersaa Group. The inventory of 2.1 months is the lowest in the time period covered by the Skjersaa Group’s data, which dates to the start of 2007.

Months of inventory estimates how long it would take to sell all of the homes for sale if no new properties went to market. Six months is commonly used as the dividing line between a seller’s market and a buyer’s market.

April’s 2.1 months of inventory is a decline from 2.3 months in March, which tied June 2013 for the lowest inventory in the Skjersaa Group’s data set. In April of the previous year, the Bend market had an inventory of 3.1 months.

Pending sales headed into May indicate another busy month of home sales in the Bend area.

Pending sales headed into May indicate another busy month of home sales in the Bend area.

Pending home sales in April 2016 also reflect the tightening market. Last month had 323 pending sales, which exceeds any other month for which we have data. The only other months since the start of 2007 in which pending sales exceeded 300 were April 2015 (301) and May 2015 (310). The number of pending sales in April 2016 promises continued robust sales figures for this month.

The dwindling inventory apparently played a hand in the rise of the median price of sold homes. April’s median sales price in the Bend market was $363,650. That’s the third-highest median sales price in the data set, and the highest since May 2007, when the median price was $396,250. The inventory in May 2007, however, was 15.2 months, more than seven times as great as the April 2016 inventory.

Comparison to the previous month and the previous year demonstrate how the market has moved. April’s median sales price is 5.1 percent higher than the median in March of this year ($346,000) and 17.3 percent higher than in April 2015 ($309,990).

By volume of sales, April was the busiest month of this calendar year with 205 closed sales. That’s barely more than were sold in April 2015, when 203 home sales closed. But the number of homes for sale last month in the Bend market was 360, compared with 424 in April 215. Expressed another way, two more homes were sold last month than in April 2015, even though 15 percent fewer homes were on the market in April 2016 compared with a year ago.

As of May 1, 407 homes in the Bend market were for sale, the most for any month this year.

A data point that aligns with the increase in the median sales price is the number of homes sold for more than $425,100. There were 69 such sales last month, the most since 72 in that price range were sold in September 2015. As a percentage of all home sales, 34 percent of April’s sales were in this price range, whereas 32 percent of the sales last September were for $425,100 or more.

And, not unexpectedly based on the above statistic, fewer houses in the range of $225,100 to $325,000 were sold in April. Thirty-three percent of April 2016’s sales were in that range. That’s down a little from March of this year (37 percent) and down more from April 2015 (46 percent).

The aggregated data from a month of sales and listings, of course, can’t determine the needs of an individual buyer or seller. I can help navigate the market and find the perfect Bend home, or market your home in this environment.

To learn more about Bend home prices, 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.

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.

4 Questions to Ask Yourself before Buying a Home in Bend

Buying a home

By Jason Boone

You’ve been renting a Home in Bend for a long time and want to become a homeowner but are you really ready to make the switch from being a renter to a homeowner?

Here are 4 questions you must ask yourself so you can know if now is the right time for you to buy a home or not.

#1 – Is My Credit Score Right For Buying A Home?

To buy a home in Bend during 2015 you must have a credit score which is 700 or higher.

Your credit score is the most important part of buying a home since the higher the credit score means you will be able to qualify for a loan with a lower mortgage interest rate.

Since a mortgage loan will most likely be one of the top financial obligations you take on in your life why not do the work necessary to build your credit score before making the commitment to purchase a home?

#2 – Can I Save Money and STILL Buy A Home?

Yes, you want to buy a home in Bend but will you still be able to save money after the purchase has gone through?

Before making the commitment to buy a home you must do your budget and confirm that you will be able to balance a house payment with saving money, paying bills and meeting all of your financial commitments in the future.

#3 – Have I thought About All Of The Additional Costs With Owning A Home In Bend?

Owning a home is awesome but don’t forget about all of the additional costs which come with home ownership each year.

It’s important for you to be prepared to pay for unexpected expenses like buying a new water heater or new roof for your home when they occur by establishing a savings account which you will use to save at least 4% of your home’s value each year for future expenses.

#4 – Am I Committed To Being A Homeowner?

Last of all, but most important, ask yourself if you’re really ready to become a homeowner because once you buy in Bend you won’t want to sell your home for at least the next 5 to 10 years or else you risk losing money in the long run on your investment.

To learn more about buying a home in Bend or to view the latest homes for sale across town contact me today by calling (541) 383-1426 or click here to contact me online.

First Time Home Buyer Tips – Understanding the Appraisal

First Time Home buyer Bend Oregon

By Jason Boone

Buying a home for the first time is an exciting part of life since you will finally be moving from years of renting and saving to owning your own home.

During the home buying process one of the most important things you will pay for is the appraisal since it will help to insure that you will be paying an equitable and fair price for the home you decide to purchase.

In today’s post we will break down appraisal basics and what you can expect from this important part of the home buying process.

What Exactly Is A Home Appraisal?

A Home appraisal is a credible analysis of the value of a home based on many factors including the following:

  • Homes which have sold recently in the same neighborhood.
  • Current condition of the Real Estate market.
  • Improvements which were made to the home recently.
  • Location of the home.
  • Age and quality of the house.

When a home buyer pays for an appraisal they will receive data on what the home is worth and then know what they should pay for the home.

Who Does The Appraisal?

Home appraisers are independent professionals who are paid for their impartial data.

They are licensed or certified to perform home appraisals in their state and have gone through the right training and education so that their appraisals are compliant with the Uniform Standards of Professional Appraisal Practice.

Besides being professionally licensed and certified in Real Estate Appraisal, a home appraiser must continue their education and stay on top of the recent changes in technology and developments in the Real Estate marketplace.


To learn more about home appraisals and how they affect you or to view 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 click here to contact me through my website.

How To Buy A Home During The Holidays

Buying a home

By Jason Boone

It’s officially the Holiday Season and over the coming weeks more people than ever before will be busy with family events, parties and getting ready for the end of the year.

Although the coming days might be busy for you it’s still possible to buy a home during the holidays if you follow these simple tips:

Tip 1 – Don’t Feel Rushed

Yes, we are in the Holiday Season, but remember you have time on your side, so don’t feel rushed into making an offer on a home that you don’t really love.

Tip 2 – Avoid Major Purchases

Don’t forget that during the Holidays maintaining your credit score and finances are still important so hold off on making major purchases (cars, trucks, boats, RV’s or farm equipment) until after you’ve purchased a home.

Tip 3 – Choose a Home Which Fits YOUR Lifestyle

Although you may be tempted to buy a home which looks beautiful covered with snow, and has a fire burning in the fire place, make sure the home really fits your lifestyle and has everything you’ve been searching for.

Tip 4 – Ask These Home Buying Questions

Does the home have the right amount of bedrooms, bathrooms, and square feet?

Is it close to your ideal school district, stores, parks and other amenities you love? If not, don’t settle for second best, take the time to really search for a home you will really love.

To learn more tips you can use when buying a home during the Holidays or to schedule a tour of the latest homes for sale in Bend, Redmond or Sunriver contact me, Jason Boone, Principal Broker with  Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by clicking here to contact me through my website.

4 Steps for Getting Your Bend Oregon Home Ready for Sale

Bend Oregon Home

Bend Oregon Home

By Jason Boone

Winter is not only a great time to list your Bend Oregon Home for sale, it’s a great time to get your home ready for sale too, especially if you plan on selling sometime in the spring.

In today’s post I will cover 3 steps you can follow to get your home ready for sale now. These steps are all things you can do yourself to insure that you will be able to sell your home for your asking price and have a smooth sale.

Step 1 – Clean Your Home Thoroughly

You should start cleaning your home on the outside by washing windows and then remove any trash or debris that may be on your property.

After cleaning the outside of your home you should focus on the inside of your home by cleaning windows and steam cleaning your carpets, wood floors and upholstery.

Step 2 – Start Staging Your Home Now

When selling your home your number one goal should be to make sure home buyers really see the space that each room in your home will offer them and this is done by staging a home for sale.

Get started with staging now by removing all of the non-essential items from your home that you’re not using on a regular basis and leaving furniture and essential items in each room.

Step 3 – Care for Major Systems in Your Home

There’s at least 6 months until the start of spring and that means plenty of time for you to take care of the major systems in your home now like your heating/air condition system, water heater, dish washer and plumbing.

By having routine maintenance or checkups done on the major systems in your home you can have confidence that there won’t be any “surprises” before you list your home and cause a home buyer to submit a bid for less than what your home is worth.

Step 4 – Sell Your Bend Oregon Home

To get started with selling your Bend Oregon Home contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by emailing me at Jason@sgbend.com.

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