Although the reports released by the Central Oregon Association of Realtors shows a minor decrease in the number of properties sold when looking at all of Central Oregon, many towns are showing an increase in the number of homes sold such as Bend, Redmond, Three Rivers and Jefferson County. The reports released compares 2013 Q1 and 2014 Q1 of the towns and counties that make up Central Oregon and provide the public a comprehensive view of our local real estate market. COAR’s monthly and quarterly statistics are compiled by tracking of real estate transactions in the association’s multiple listing system.
“The minor decrease in the number of properties sold overall in Central Oregon is somewhat expected due to the limited inventory that has been available over the past couple of years. There has been an increase in months of inventory available throughout the region which shows the market is moving in the right direction. To insure the stabilization of our market we need to see the availability of active inventory continue to increase,” said COAR President Wendy Adkisson. “Many of our markets are showing increased activity and positive growth which shows that consumers are demonstrating an interest in getting back into the real estate market”.
“In today’s local real estate market, you are seeing a combination of still low interest rates and a shortage of homes for sale which is creating positive market momentum as seen in our decreases in days on market and the increases in average sales prices,” said COAR Chief Executive Officer Casie Conlon. “The current market conditions are ideal for sellers to put their home on the market because there is a limited inventory and plenty of buyers in the market to buy a home especially as we move in to the summer real estate season here in Central Oregon.”
BEND
The statistics for residential homes with less than an acre in Bend demonstrate a 2.35 percent increase in the number of total homes sold, an 8.68 percent increase in the average sales price of homes sold and a 0 .79 percent decrease in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013. In addition, this comparison demonstrates a 64.71 percent decrease in the number of short sales and a 37.5 percent decrease in the number of bank owned sales.
This quarterly residential comparison also analyzes townhome and condo sales in Bend which displays a 21.95 percent increase in the number sold, a 6.67 percent increase in the average sales price and a 27.88 percent decrease in the days on market for these properties.
REDMOND
The statistics for residential homes with less than an acre in Redmond show a 13.27 percent increase in the number of homes sold, a 13.81 percent increase in the average sales price of homes sold and a 6.99 percent decrease in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013. In addition, this comparison shows a 70.83 percent decrease in the number of short sales and a 9.09 percent decrease in the number of bank owned sales.
This quarterly residential comparison also analyzes townhome and condo sales in Redmond which displays a 26.67 percent decrease in the number sold, a 13.79 percent increase in the average sales price and a 52.09 percent decrease in the days on market for these properties.
SISTERS
The statistics for residential homes with less than an acre in Sisters illustrate a 22.22 percent decrease in the total number of homes sold, a 2.78 percent decrease in the average sales price of homes sold and a 33.18 percent decrease in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013. In addition, this comparison illustrates a 100 percent decrease in the number of short sales and a 50 percent decrease in bank owned sales.
This quarterly residential comparison also analyzes townhome and condo sales in Sisters which displays a 50 percent increase in the number sold, a 14.29 percent increase in the average sales price and a 29.75 percent decrease in the days on market for these properties.
SUNRIVER
The statistics for residential homes with less than an acre in Sunriver demonstrate a 4.76 percent decrease in the total number of homes sold, an increase of 9.89 percent increase in the average sales price of homes sold and a 7.18 percent increase in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013. In addition, this comparison demonstrates a 100 percent decrease in the number of short sales and a 100 percent decrease in the number of bank owned sales.
This quarterly residential comparison also analyzes townhome and condo sales in Sunriver which displays a 27.27 percent decrease in the number sold, a 37.65 percent increase in the average sales price and a116.92 percent increase in the days on market for these properties.
THREE RIVERS
The statistics for residential homes with less than an acre inThree Rivers show a 50 percent increase in the total number of homes sold, a 5.41 percent increase in the average sales price of homes sold and a 23.83 percent decrease in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013. In addition, this comparison shows a 0 percent change in the number of short sales and a 100 percent decrease in the number of bank owned sales.
LA PINE
The statistics for residential homes with less than an acre inLa Pine illustrates a 36.36 percent decrease in the total number of homes sold, a 24.10 percent increase in the average sales price of homes sold and a 26.92 percent increase in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013. In addition, this comparison illustrates a 100 percent decrease in number of short sales and a 0 percent change to the bank owned sales.
DESCHUTES COUNTY
Deschutes County, including all residential property types, is showing a 21 percent increase in the number of properties for sale, a 6.9 percent decrease in the number of properties sold, a 15.3 percent increase in the average price per square foot, a 9 percent decrease in the days on market, a 12.8 percent increase in the average sold price and a 30 percent increase in months of inventory.
JEFFERSON COUNTY
The statistics for residential homes with less than an acre inJefferson County demonstrates a 92.31 percent increase in the number of homes sold, a 25.94 percent increase in the average sales price of homes sold and a 33.14 percent decrease in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013. In addition, this comparison demonstrates a 25 percent increase in the number of short sales and a 25 percent increase in the number of bank owned sales.
Jefferson County, including all residential property types, is showing a 22.9 percent increase in the number of properties for sale, a 5.3 percent increase in the number of properties sold, a 20.9 percent increase in the average price per square foot, a 23.9 percent decrease in the days on market, a 17.1 percent increase in the average sold price and a 16.8 percent increase in months of inventory.
CROOK COUNTY
The statistics for residential homes with less than an acre in Crook County show a 28.26 percent decrease in the number of homes sold, a 13.75 percent increase in the average sales price of homes sold and a 5.14 percent decrease in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013.
Crook County, including all residential property types, is showing a 12.3 percent increase in the number of properties for sale, a 27.6 percent decrease in the number of properties sold, a 14.8 percent increase in the average price per square foot, a 6.4 percent increase in the days on market, a 7.1 percent increase in the average sold price and a 55.1 percent increase in months of inventory.
ALL CENTRAL OREGON
The full reports released by the Central Oregon Association of Realtors® also includes statistics for Central Oregon as a whole which include residential properties with acreage, manufactured homes, manufactured homes with acreage, commercial, multifamily, farm, business opportunity and residential lots and land. When including all areas and property types included in the full report, Central Oregon as a whole shows a 2.9 percent decrease in the total number of properties sold, a 22.44 percent increase in the average sales amount and a 15.91 percent decrease in the average days on market.
The Central Oregon Association of Realtors (COAR) is your voice for real estate in Central Oregon. COAR is a trade association serving the professional needs of its 1500 members. In addition, COAR is dedicated to enhancing and protecting the real estate industry. COAR believes we can build better communities by supporting quality growth, seeking sustainable economies and housing opportunities while protecting a property owner’s ability to own, use, buy and sell property.
To access the full reports mentioned in this release please visit:
Q1 of 2014 Full Breakdown by Area: Click Here.
Deschutes County Stats: Click Here.
Crook County Stats: Click Here.
Jefferson County Stats: Click Here.
