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.

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.

How to Speed Up the Sale of Your Bend Oregon Home

 

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By Jason Boone

Are you planning on listing your Bend Oregon Real Estate and want to sell it fast?

Now is the best time to sell because mortgage interest rates are still low and demand for Bend Oregon Homes For Sale is high.

In this article I’ll share with you several tips you can use to sell your home fast so you can move on to your next dream home in Bend.

Tip #1 – Make Those Simple Home Improvements NOW

Does your Bend Oregon Real Estate need a new coat, of paint or the driveway needs to be power washed?

If your home needs simple improvements, especially if you can make those improvements yourself, then it’s time to get to work on improving your home because buyers WILL notice that your home needs work anyway so it’s best to get busy if you want to sell your home for the most money.

Some other simple improvements you can make to your home include:

  • Change door knobs and handles.
  • Clean windows inside and outside.
  • Replace worn out flooring.
  • Paint inside and outside your home.
  • Improve curb appeal.

Tip #2 – Hire a Realtor® Who Offers a Great Online Marketing Plan

When interviewing Real Estate agents to help you sell your Bend Oregon Real Estate it’s best to hire a professional who also specializes in online marketing because in this day and age it’s vital to have a home available for view online because most buyers are searching for properties via their smart phones and tablets.

Tip #3 – Stage Your Home to Sell

Last of all, but most important, you should stage your home to sell because, not only will it make your home stand out from other Bend Oregon Homes for sale, staging will also give your home a lived in look and help buyers to imagine themselves living there.

Search for Bend Oregon Real Estate

To learn more tips you can use to sell your Bend Oregon Home fast or to search for Bend Oregon Real Estate contact me today by calling (541) 383-426 or by clicking here to connect with me through my website.

Should You Finally List Your Bend Oregon Home For Sale?

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By Jason Boone

BEND, Ore – You’ve held onto your home over the last 15 years and endured the recent housing market crash which sent home values plummeting, and now that most Bend Oregon Home Owners now have equity in their homes you’re wondering if it’s the right time for you to sell your home and the answer is yes.

Huge Demand

Thanks to the demand for Bend Oregon Real Estate there’s never been a better time than right now for you to sell your home, especially since local builders can’t keep up with the demand for homes, and this means that you could receive multiple offers.

Low Mortgage Interest Rates

With mortgage interest rates still hovering around 4 percent, or lower, (depending on lender and credit), there are more buyers on the Real Estate market who have financing and are able to buy homes.

Mortgage interest rates are only expected to rise to 5 percent or higher by the end of the year so there’s never going to be a better time than right now for home buyers to get pre-approved for mortgage loans to buy Bend Oregon Homes.

First Time Home Buyer Assistance

In 2015 more lenders have been stepping up their efforts to help first time home buyers, including Fannie Mae, who recently launched a new program called HomePath Ready Buyer Program which pays up to 3 percent of a home buyers closing costs.

Huge Economic Growth in Bend

Thanks to huge economic growth in Bend, including more jobs, there’s going to be more people calling Bend home in the coming months, and if you sell your home now you will be able to take advantage of the huge demand for homes in Bend.

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 clicking here.

Bend Oregon Real Estate – 3 Ways to Create a Backyard Getaway

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By Jason Boone

BEND, Ore – You’ve owned Bend Oregon Real Estate for a while now and although your home has plenty of space, great features and lots of amenities nearby, you’re less than satisfied with your backyard.

Instead of selling your Bend Oregon Real Estate you should turn your backyard into a getaway by following these simple tips.

Tip 1 – Improve Your Deck

Turn your deck around from being just a bland space, to an awesome area, for family gatherings, events or just hanging out.

Purchase a pergola from your local home improvement store ($400 Home Depot) and then bring your plants up onto your deck to blend the deck with your surrounding landscape.

Tip 2 – Create an Outdoor Kitchen

Another great way to enjoy your Bend Oregon Real Estate is to add an outdoor kitchen so you can enjoy cooking outdoors during the spring, summer and fall months.

Your outdoor kitchen doesn’t have to be fancy, you should consider buying a nice stainless steel BBQ and island for food preparation.

If you want to make your outdoor kitchen more unique you should consider adding a storage shed next to your patio then purchase a refrigerator for your storage shed that way you can have an outdoor fridge for preparing those delicious meals.

Tip 3 – Make Your Backyard an Outdoor Room

Last of all, but most important, you should make your backyard an actual room by purchasing lattice or fencing to insure privacy.

Turning the backyard of your Bend Oregon Real Estate into a backyard “oasis” is simpler than you think and something which you can do on any budget.

Buy or Sell Bend Oregon Real Estate

To buy or sell Bend Oregon Real Estate contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or click here to connect with me online.

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