For the second year in a row the regional residential
real estate market is on track to break
the $1 billion sales volume threshold.
Sales of single family homes totaled $956,753,029 through
the third quarter, according to preliminary figures from the Multiple Listing
Service of Central Oregon, a pace that will surpass 2012 sales of
$1,005,488,048.
But the past two years would remain below the volume of
the bubble years, when there were sales of $1,939,113,490 in 2005;
$1,835,737,987 in 2006 and $1,246,025,261 in 2007.
Then came the implosion of 2008, when volume plummeted to
$791,699,547 and remained in a more narrow $25 million range for 2009 through
2011 three years until cracking $1 billion again in 2012.
By any measure the Central Oregon housing market, led by
the greater Bend area with more than two-thirds of 2013 volume thus far, is
continuing a recovery from one of the most precipitous declines in the nation
during the past recession.
But homeowners, developers, builders, brokers, craftsmen,
retailers--among others-- are holding their breath as the prolonged debacle in
Congress and slowly escalating interest rates threaten to impede a fragile
economic recovery.
Looking at the past years and 9 months through September
of 2013 (chart below):
·
The number of
homes sold has increased in all regional sub-markets except Crook County, which
declined 4%.
·
Median prices
increased across the board, in a range of 4% in Sunriver to 38% in LaPine.
·
Bend lead in the
number of sales with 44% more closings--1,933-- than all other sub-markets
combined.
·
Inventory, as
defined by an average of the previous 12 months sales, was lowest in Bend, at
3.10 months supply. Sunriver had the highest inventory at 9.60 months.
·
Cumulative Days
on Market (CDOM) decreased in all submarkets, with the largest drop in Bend of
25%, from 105 to 79.
Follow the blog for updates on other
market categories as we enter the final quarter of the year. For previous market updates, go to Market trends .
