Bend Real Estate Statistics September 2009

During the month of September there were 1543 homes for sale, 264 contingent sales, 328 homes pending, and 173 homes sold. Sales were up in September compared to August but the number that really stood out to me was the number of homes pending. Pending sales are way up. I think it’s probably first time buyers trying to close in time to get the $8000 tax credit. Most of the pending sales are in the $200,000 – $250,000 price range and within that range, the majority actually fall between $200,000 – $225,000. However, pending sales over $500,000 are also up. In August, there were 21 pending sales over $500,000. In September, there were 42. When you look at the chart below, know that active listings did not decrease by 200 from July to August. I recently changed the way I calculate the active listings so that time shares and manufactured homes being sold without land are no longer included.

Active Cont. Pending Sold
September 1543 264 328 173
August 1546 236 211 153
July 1751 238 275 184
June 1749 236 297 158
May 1829 205 242 138
April 1825 171 232 119

A lot of buyers right now have a hard time accepting that it’s possible to pay full price for a home and still be getting a good deal. Sometimes it takes writing a few low offers and missing out on homes in multiple offer situations for that to click. I’ve worked with several first time buyers recently and all were looking at homes priced at $150,000 or less. This is a hot price point right now. Multiple offers in the first couple of days on the market is the norm. When my clients ask me what they should offer, I provide them with info on recent sales and say, “Someone is going to write a full price (or higher) offer for this home and get it. Do you want it to be you or one of the other buyers?”

One of my favorite sales statistics is the average % of list price received. This shows how the sales price compares to the list price. For the month of September, homes that sold in the first 30 days after being listed sold on average for 104% of the list price. Yes, you read that correctly. On average, homes that sold within 30 days of being listed sold for more than the list price. Homes that sold after 31-60 days on the market sold for 99% of list price. If I focus on the hottest segment of the market, which is homes priced at $250,000 or less, it’s 105% in the first 30 days, 103% after 31-60 days, and 97% after 61-90 days on the market.

Here are the complete statistics for the month of September: September 2009

I thoroughly enjoy running statistics so If you’re curious about sales in a particular neighborhood or price range, send me an email. I’m happy to look at anything.

Advertisements

One comment

  1. Bend Bulletin Published: October 14. 2009 4:00AM PST

    The median sales price of a single-family home in Bend dropped below $200,000 in September for only the second time in at least the past 4½ years, according to a report released Tuesday by the Bratton Appraisal Group of Bend. The $199,000 median sales price was 9.5 percent below August, 27.9 percent below September 2008 and 49.7 percent, or almost $200,000, below the $396,000 peak in May 2007.

    There were 148 sales last month, up from 130 in August and 120 a year ago. The median sales price per square foot, considered by many to be a better measure of value, was $113, down from $118 in August and $139 a year ago.

    In Redmond, the median sales price was $155,000, up 8.4 percent from August but down 24 percent from September 2008 and 46.4 percent from the market’s peak of $289,000 in November 2006, according to Bratton’s data. There were 69 sales last month, up from 61 in August and 40 a year ago. The median sales price per square foot was $86, down from $87 in August and $117 a year ago.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: