Central Oregon Market Is
On It's Way UP ↑
Multiple factors are pointing to an
upward trend for the Central Oregon residential real estate market.
Both the number of units sold and the average price per unit are
increasing. Over the last five to eight months this increase has
remained steady. Compared to this time last year the prices in Bend
are up almost 11 % and sales are up 16.5% (per Oregon MLS). In August
2012 the median price for residential properties in Bend was $261,000
which is a 29.9% increase from prices in September 2010. When
comparing the average price per square foot across all of Central
Oregon (Deschutes, Jefferson, and Crook counties) there was an
increase. From September 2010 to August 2012 there was a 14.8%
increase.
Housing is currently very affordable
due to historic lows. While credit requirements have increased there
is still plenty of money to loan, buyers are simply required to
provide more documentation of credit worthiness. Further signs that
demonstrate recovery are the number of traditional sales. There are
less foreclosures and more traditional sales in which there is a
willing seller and a willing buyer.
Now is an opportune time for sellers
as inventory is low. In Central Oregon there was a 27.6% decline in
residential units that were listed for sale from September 2010 to
August 2012. Bend alone has seen a 33% drop in that same time period.
This decrease has resulted in competition amongst buyers. It is not
unusual to see a home with four or five offers, nor is it unusual to
see a home sell within a couple days of going on the market.
The tight competition has given buyers
with cash the upper hand. Approximately a quarter of home sales in
Bend were cash sales over the past nine months. When there are
multiple offers on a property cash often wins. This is due to the
fact that in order for lenders to approve a loan they require an
appraisal that ensures the financing is an accurate reflection of the
market value of the property. If a buyer has cash an appraisal is not
required which can expedite the process.
Combining all of these factors seems
to indicate that the Central Oregon real estate market is on a steady
uphill path.
HOMESELLERS:
What is YOUR home worth?
Find out what your home is worth and what sold on your street right now.
HOMEBUYERS:
Find out what sold in the neighborhoods you are interested buying in.
Market snapshot guarantees the most up-to-the-minute neighborhood property information, detailing MLS active, sold inventory, and days on the market counts.
Ruben Garmyn & Jim Birtola
Team Birtola - Garmyn, Oregon's #1 Real Estate TeamPrudential High Desert Realty
Bend, OR
Office: 541-312-9449
clientservice@prudentialhighdesertrealty.com
http://www.BendOregonRealEstate.com
Team Birtola - Garmyn, Oregon's #1 Real Estate TeamPrudential High Desert Realty
Bend, OR
Office: 541-312-9449
clientservice@prudentialhighdesertrealty.com
http://www.BendOregonRealEstate.com
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