Real Estate Trends With Duke Warner Realty: Continued Market Growth in Bend, Oregon

(Photo courtesy of Duke Warner Realty)

July statistics reveal a Central Oregon real estate market that continues to be active and strong, but that is also adjusting to the pace of reality, particularly in the higher price ranges.

The month ended with a total of 583 Active Listings compared to 566 at the end of June, a 3 percent increase. Overall, July saw increases in Active, New, and Pending listings coupled with a small increase in price reductions and a slight decrease in average sales. More New Listings entered the market in all price ranges except for the $325,000-$425,000 category.

The most significant growth in Active Listings was in the $625,100 (and up) range with an 11.8 percent increase. The $125,000-$225,000 and $325,100-$425,000 both saw 5 percent decreases in Active Listings in July compared to the previous month.

The number of listings moving to pending status increased by 1.9 percent with 271 properties in July, compared to 266 in June, with most of the increase coming from the two lowest price categories.

The total number of reduced properties rose 20.1 percent (from 145 in June to 175 in July). The biggest jump in Reduced Properties was in the $625,100 (and up) with a 72 percent increase (from 25 in June to 43 in July) while the $125,000-$225,000 range saw a 50 percent decrease in reductions.

The $125,000-$250,000 range saw the biggest reduction in Pending Listings with the lowest relative number of Reduced Listings. This suggests that much like last month, this price range continues to be competitive—abundant buyers make this range a strong seller’s market.

Total number of sold properties in July (compared to June) saw a slight decrease of 4.2 percent (259 in June compared to 248 in July). The $425,100-$525,000 saw a 10 percent increase in properties sold while all other ranges saw slight decreases. The $625,100 (and up) price range saw the biggest decrease in properties sold, down 28 percent from the previous month.

The $225,100-$325,000 range saw a 100 percent average sale-price-to-listing-price. This means that properties in this range entered into contract at an overall average of 100 percent of the asking price. The lowest average sale-price-to-asking price was in the $625,100 (and up) range with properties entering into contract at an overall average 96 percent of the asking price.

The pace of property sales continues to pick up, especially in the moderate price ranges. The Average Days on Market (DOM) decreased from 111 to 103. This represents a 7.2 percent decrease from June to July and means that properties are actively on the market for 8 days (on average) less than the previous month. Three price ranges, $225,100-$325,000, $425,100-$525,000, and $525,100-$625,000 saw the largest reduction in days on market with an average 14.3 percent decrease. The $125,000-$225,000 saw a 7.5 percent increase in days on market from 80 days in June (on average) to 86 days in July (on average). The DOM for the $625,000+ range decreased only slightly, but that’s still movement in the right direction!

Inventories saw a rise from 2.4 months to 3.2 months. The two ranges that brought this number up from June were the $525,100-$625,000 range (49 percent increase) and the $625,100 & up range (58 percent increase). The biggest decrease in inventory was in the $125,000-$225,000 range (66.7 percent) which will keep this price range competitive in the marketplace.

Overall, the price range of $625,100 & up saw the most up and down movement in July. This range has the most active listings, the largest percentage of reduced prices, a decrease in properties sold, and a slight reduction in days on market from the previous month. Also, inventories increased in this range during July. The upshot is that lower-priced home sales continue to be brisk, but, since higher-priced homes are sitting on the market longer, sellers in this range are reducing prices to get things moving a little faster.

Duke Warner Realty was established in 1967 by Duke and Kitty Warner. Their philosophy wasto establish a first-rate real estate company sensitive to their customers’ needs. Duke Warner Realty’s brokers share this philosophy, and today the firm is widely known for its personalized service and reliability. For more information, contact www.dukewarner.com 541- 382-8262.

June 2015	Active Listings	New Listings	Pending Listings	Reduced Listings	Sold Listings	Avg. Sale Price/ List Price	Avg. Days on Market	Months of Inv.
$125,000 – $225,000	12	13	13	4	21	99%	80	0.6
$225,100 – $325,000	107	98	106	25	105	99%	105	1.0
$325,100 – $425,000	99	78	63	40	56	99%	83	1.8
$425,100 – $525,000	84	38	40	25	30	99%	120	2.8
$525,100 – $625,100	65	28	17	26	19	98%	116	3.4
$625,000+	135	51	27	25	28	98%	159	4.8
Totals/Averages	502	306	266	145	259	99%	111	2.4

July 2015	Active Listings	New Listings	Pending Listings	Reduced Listings	Sold Listings	Avg. Sale Price/ List Price	Avg. Days on Market	Months of Inv.
$125,000 – $225,000	20	13	19	2	21	97%	86	1.0
$225,100 – $325,000	122	104	117	35	100	100%	90	1.2
$325,100 – $425,000	120	69	63	38	59	99%	87	2.0
$425,100 – $525,000	75	39	34	20	33	99%	103	2.3
$525,100 – $625,100	77	37	20	37	15	99%	99	5.1
$625,000+	152	54	18	43	20	96%	154	7.6
Totals/Averages	566	316	271	175	248	98%	103	3.2