As the 2014 third quarter ended the Central Oregon real
estate market showed continued strength in its long recovery with single family
unit sales and price appreciation especially robust in Redmond year-to-year.
And for the first time since 2007 the median price of a
single family home was on track to top the $300,000 threshold in Bend, by far
the largest regional sub-market with more than 55% of homes sold.
The tables below (click to enlarge) provide a comparison
of the first nine months of 2013 and 2014. Note that Table 1 if for single
family sales on all acreage and Table 2 for more urban homes on less than an
acre (up to 0.99 acre).
Some trends that emerge:
·
Total regional
sales volume has already topped the $1 billion mark for the third consecutive
year since 2012.
·
Median prices
for all homes in Bend increased by 6% while units sales were flat, dropping by
3% for the period
·
As the second
largest sub-market, Redmond had gains across the board with median prices up,
unit sales 12% and total dollar volume an impressive 22%.
·
Although it
accounted for only 6.4% of sales in the region, Jefferson County-Madras posted
the largest gain of all sub-markets in median prices, up 24%; unit sales 22%;
and sales volume, 41%.
·
Sisters was the
only sub-market to show a loss in median sales price, down 10% for homes on all
acreage, and was off 7% for homes on lots on less than an acre.
·
Of the 2014
sales through the third quarter, 551 were completed in 2013 and 2014,
indicating strong demand for new construction.
·
Assuming that
real estate commissions would be at least 4% (possibly up to 6%), the total
personal and business income for real
estate brokerages and agents would range from more than $42,000,000 to
$63,000,000.
·
Factor in
construction related jobs and the multiplier impact of an improving market is
substantial for the in terms of buying power across the regional economy for
retail and other sectors.
Additional
Q3 reports for other market segments will be posted in coming days, including a
breakdown of sales by price range.
