Sales of single family homes throughout Central Oregon
topped $1.3 billion in 2013, a 30% increase over 2012 volume, as gleaned from
statistics available through the regional Multiple Listing Service.
And more than 65% of the volume was in the sub-market of
the greater Bend area, with $852.67 million recorded sales, a 35% jump over
2012.
Bend also experienced the greatest drop in cumulative
days on the market (CDOM), with the median time to sell a home decreasing by
23% to less than three months.
The median price of a Bend single family home rose 22% to
$281,000 at year-end, on unit sales of 2,549, an increase of 11% in number of
homes sold.
In another leading indicator of strong market activity,
the supply of single family homes available for sale in Bend remained at less
than three months (2.87 months), although that was an increase over the 2.10
months of inventory at the end of 2012.
The highest median sales prices were recorded in Sunriver,
$364,000, and Sisters, $352,000. But in combination those two sub-markets
account for only 13% of total homes sales reported.
Redmond, the second largest sub-market behind Bend, had
760 sales, nearly even with the 762 in 2012 at a median price of $182,500, a
30% increase over 2012.
Other trends
included:
As the largest regional sub-market, Bend is an early
indicator of trends that may eventually been seen in other areas.
·
The percentage
of Bend new home sales, or those
completed in 2013 and 2012, rose to nearly 20% in the past year. By comparison,
in 2009, only 2.7% of homes sold were built in 2009 or the previous year. The
number of new homes sold doubled from 2011 to 2012, when nearly 13% of sales
were new homes.
·
Distressed sales have continued to decline substantially from the “bouncing on the
bottom” years of 2009, 2010 and 2011, when short sales and foreclosures were
more than 50% of total single family sales each year in Bend. The percentage
dropped to about 37% in 2012 and less than 13% in the past year.
The
chart below shows statistics for single family homes on less than an acre
throughout Central Oregon:
