Nationwide Increase in Second Home Sales Feeding Sunriver Resort & Rental Community

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According to the first quarter report from Central Oregon Association of Realtors the statistics for residential homes with less than an acre in Sunriver demonstrate a 4.76 percent decrease in the total number of homes sold, an increase of 9.89 percent in the average sales price of homes sold and a 7.18 percent increase in the average days on market when comparing the first quarter of 2014 to the first quarter of 2013.  

In addition, this comparison demonstrates a 100 percent decrease in the number of short sales and a 100 percent decrease in the number of bank owned sales.  Dan Cook, principal broker, regional sales leader at Berkshire Hathaway Home Services Northwest Real Estate said their inventory is slightly up but still good for this time of year with 121 Active, 17 Pending sales, 22 sold so far this year compared to 22 sold during 2013.

“We are better than the first quarter of last year with an average sales price of $378,000 over the $367,000 of this time last year,” explained Cook. “Our average days on market are up but since we still have a good portion of the month left we look pretty good in comparison to this time last year.”

John Gibson and Ginny Kansas-Meszaros, principal brokers and certified residential specialists at Gibson Realty in Sunriver say the resort community has been slow to enter the dance of rising prices and falling inventory mirroring Bend and Redmond, but this past winter has set the stage for precisely that especially the opening of the Sunriver Homeowners Aquatic and Recreational Complex (SHARC).

In 2012, this $18 million complex of tubing hills, water slides, indoor and outdoor pools/community center jumpstarted sales of homes in nearby villages as now these residences were near a major amenity.

The Sunriver Village after years of neglect is totally refreshed with new building and retailers. The 1970s boardwalk is gone, replaced by Northwest architecture and green spaces.

According to the National Association of Realtors, second home sales are up 30 percent year-over-year from 2012 to 2013 and counting for over 1 out of 8 sales overall. Second homes make up 80 percent of the Sunriver housing stock and as Generation Xers are starting to buy homes being sold by baby boomers, a new set of owners are coming to town.

“The nationwide increase in second home sales is feeding this resort and rental community,” report Gibson and Kansas-Meszaros. 

“In 2013, the median sales for Sunriver homes, according to the MLS of Central Oregon was $364,000.

“In the first three months of 2014, the median was $392,500 — an increase of 7.8 percent. More telling, the months of inventory dropped from a high of 30.2 in January 7, 2014 to March 2014’s level of 17.2.

“With the continued desirability of Central Oregon and the improving economy of Sunriver’s source markets of western Washington and Oregon, the next era of the Oregon community shall be bright.”

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