Central Oregon Market Update - September 2019
/I hope this finds everyone healthy and enjoying this cold fall we are having! I can’t say I am ready for winter, but looking at our white mountains sure is nice!
Kacey and I attended the informational meeting on the BCD (Bend Central District). The ideas and vision for this area, I believe, are fantastic… How that rolls out is entirely different. Prices are on the rise, and every realtor and seller are asking a premium due to the multitude of development options. However, prices still need to make sense. Meaning, how do the numbers work, where do they work? The higher the price, typically means higher rent, large credit worthy tenants, and we lose some of the local feel. The million dollar question is how do we get land owners, developers, the City, Central Oregon Landwatch, community members all on the same page, understanding and continuing to work together with the unique issues each demographic experiences. Also, as we walked through the exhibit, I kept asking myself and others, how do we do this with each new residential development going in? Community is so important, everyone wants the walk-ability, accessibility, and sense of community. I wish all residential developments had a component of commercial and mixed use within it, or nearby. But again, that requires the numbers to work - which either don’t, or are very difficult to get to pencil.
On a personal note, Kacey and I continue to work well together. One of us may be the front person, while the other is dealing with the behind the scenes components of a transaction. And sometimes we just interweave all of it. But know we are working together on your behalf.
Kacey shut down her irrigation a few weeks back and is happy to not be moving hand lines for a while. She continues to always make herself available, and may even be out working on the farm while she is talking to you! And she LOVES baking (pies, especially!). So with the farm in winter mode, she is hoping to get back to her cozy kitchen, and time curled up next to the fire.
Rachel is back from her vacations, 2 this year! It was the first time in 10 years of business she was able to put her phone down and not be working, or on every single day. Thanks to Kacey’s compatible work ethic, drive, attention to detail, and most importantly care for the clients. It is amazing how beneficial it is for someone’s health, well being, and motivation, to truly unplug and have a couple of days of not working.
As always, we are here to help and answer any questions you may have about our market.
Here are the latest stats!
QUICK CENTRAL OREGON RESIDENTIAL TRENDS:
TRENDS FOR SEPTEMBER 2019
¨ Average Price For Sale: $655,000
¨ Average Price Sold: $460,000
¨ Average Active Price Over 1 Year Ago: 2.2%
¨ Average Sold Price Over 1 Year Ago: 4.3%
¨ Average Days on Market: 109
¨ Sales Price/Original Price: 96%
¨ Months of Inventory: 3.3
¨ Months of Inventory Over 1 Year Ago: -10.7%
¨ Number of Homes for Sale: 1681
¨ Number of Homes Sold: 503
VS. TRENDS FOR SEPTEMBER 2018
¨ Average Price For Sale: $641,000
¨ Average Price Sold: $441,000
¨ Average Active Price Over 1 Year Ago: 1.1%
¨ Average Sold Price Over 1 Year Ago: -1.6%
¨ Average Days on Market: 108
¨ Sales Price/Original Price: 96%
¨ Months of Inventory: 3.7
¨ Months of Inventory Over 1 Year Ago: 3.3
¨ Number of Homes for Sale: 1805
¨ Number of Homes Sold: 484
For Sale vs. Sold:
Although September is traditionally among Bend's biggest months for price reductions when sellers whose property did not sell during the summer lower the asking price to hopefully get a buyer before winter hits, Bend home sales in September 2019 still reflect higher prices than the same month a year before.
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