The Bratton Report for September 2012 is ready for you…

This month’s Bratton Report is similar in content to the Duke Warner Realty Market Trends Report. The combined information from both reports shows a picture of a real estate market were some key indicators are down for the month after two months of steady growth. The slowdown is about a month early when compared to previous years.

In this Bratton Report we find that the median price of homes in the Bend, Oregon market has fallen, the days on the market have increased and the number of sales for the month has fallen. The September numbers are more typical of what we traditionally see in October.

After rising the past two months the median price of a home here in Bend has shrunk back to $220,000. This is a level seen many times over the past few years, though at that those times it had been the high mark for those respective periods. Fall of the last four years has led the way for a decline in the median that last until the first of the year. This annual hibernation has averaged a decline of 20%. Should the pattern hold, we should see a median sale price around $175,000 by December.

Once the distraction of the holidays and election season have passed expect the pricing along with the other market indicators slowly build until the spring months when the market should accelerate building to the summer highs. This is a trend that has held true all but a very few years regardless of the economic or political climate. The exception being the red hot winter market of 2005 which heralded market conditions that hopefully will not be seen anytime soon.

My expectations are that when the market returns for its annual upturn after the first of the year we will see continued strength in our market. Bend, Oregon is and always will be a place where folks want to live and play. This desirability will keep us on a trajectory of having a sustainable even growth real estate market.

For more information on today’s market conditions or to list/sell your property fell free to contact me.

Duke Warner Realty Market Trends Report for Bend, Oregon September 2012…

Across the board fewer is the key word for this Septembers Duke Warner Realty Market Trends Report.


The Bend market as a whole saw a dramatic decrease in the number of new listings that came into the market this past month. September dropped to 115 new listings the third fewest new listings to enter the market in the past three years. To contrast there have been upwards of 180 new properties entering the market every month since last March.

Sold and pending sales numbers for the month of September also cooled off a bit from the previous months. The $325,000 - $525,000 price range experienced a 46% decline from the previous month. This same class of properties had fewer new and active listings. This drop may be attribute to tighter underwriting standards for mortgages making it harder for folks to qualify for funding of these purchases. With the difficult time financing their next purchase, these same buyers are reluctant to put their current homes on the market.


In the still smokin’ hot $125,000 - $225,000 market there appears to be more cash buyers who are investors that do not have the same issues in funding. These cash buyers have been making it a challenge for first time home buyers to purchase due to the slower timeline of having to involve their lender. The homes in this class make a lot of sense to investors as they pencil out well for rental properties which remain in high demand.


A continued decrease in the number of available distressed properties will only add to the current inventory woes. The number of bank owned homes in Bend that have been recorded with Deschutes County is at the lowest point in the last twelve months of 73 properties. This number has been on a constant decline since January of this year. In tandem with this number is the decrease in the number of homes entering foreclosure, this while the number of rescissions for Notices of Default has doubled from the previous months. This trend may attributed to the failure of Oregon SB 1552 to gain traction with the larger lenders and recent circuit court rulings requiring lenders to document the chain of title.


Coming up in a few days will be the Bratton Report for the Bend real estate market, I would expect that that report will reflect the same trends as found here in the Duke Warner Realty Market Trends Report.

Feel free to contact me for a more thorough discussion about today’s real estate market in Bend and how it could affect your decisions to enter the market now or in the future.

Summer Sales on Bend’s West side were rockin’ this past summer…

The West side of Bend encompasses a great area of Bend with many outstanding neighborhoods. For the sake of this report I have limited the information here to the flats of the west side. The borders run from NW Ogden Ave on the north, the Deschutes River to the east, SW Simpson to the south and roughly NW 17th to the west.


While sales this year compare favorably to last year’s in the number of homes that were sold, there was a decrease in the average and median price of the homes sold. The median sale price dropped by $22,000, while the average sale price dropped by $43,000. This is surprising considering the lack of consistent available inventory for sale which usually sends prices higher.

Also puzzling in the price break down is that we had considerably more distressed properties on the market last year. Distressed homes are notorious for selling below the market averages. As of the time of this writing time there are no actively listed distressed properties. We have seven pending sales that are distressed properties and over the course of the summer there have only been four properties that have sold that would be considered distressed (bank owned or short sale properties).

The drop off in distressed properties this summer could be chalked up to the passage of Oregon SB 1552 which requires the larger lenders to mediate a reasonable solution with the distressed homeowner and a recent Oregon Circuit Court ruling that judged that lenders must be able to document the chain of ownership of the lien (loan). So far according to the mortgage brokers that I have spoken with, the big boys have decided not participate in SB 1552 as the rules are too vague and the bill does not have strong enough measures to compel the lenders to partake.

So while the cat is away most of us are enjoying the wave of traditional sales. It is amazing how much easier it makes the process of buying (or selling) a home. The biggest hurdle right now to homeownership is qualifying for today’s unheard of low mortgage rates. Mortgage brokers today have been pulling their hair out with the constant revisions in loan underwriting standards. As with most things in life when the pendulum swings to far one way it is sure to go just as far the other direction. Where previously all one had to do to get a loan was be a warm body now they one might be chilled by all of the hoops one is required to jump through to get there loans.

Regardless of the process I strongly recommend that if you are thinking of owning property in Bend today’s market is about as good as it gets. If you are looking to sell or would like to buy feel free to contact me for a no obligation conversation of how the market would work out for you.


Sold

NW Cumberland Ave    2 bedrooms     1 bathrooms      763 square feet    
   acres 0.130    year built 1922              $109,900 list price        $121,000 sold
NW Federal St             1 bedrooms      1 bathrooms      624 square feet    
   acres 0.120    year built 1932              $179,000 list price        $160,000 sold
NW 12th St                 4 bedrooms      1 bathrooms    1732 square feet    
   acres 0.340    year built 1922              $189,000 list price        $170,000 sold
NW 3rd St                   2 bedrooms      1 bathrooms      780 square feet   
   acres 0.130    year built 1919              $189,000 list price         $184,000 sold
NW Portland Ave         3 bedrooms      2 bathrooms     2100 square feet   
   acres 0.250    year built 1940              $245,900 list price         $185,000 sold
NW 14th St                 2 bedrooms      1 bathrooms     1142 square feet   
   acres 0.110    year built 1929              $194,900 list price         $188,000 sold
NW Elgin Avenue         2 bedrooms      2 bathrooms      890 square feet   
   acres 0.136    year built 1928              $215,000 list price        $215,000 sold
NW Lexington Ave       3 bedrooms      2 bathrooms     1216 square feet    
   acres 0.110    year built 1992              $225,000 list price         $225,000 sold
NW 12TH St                3 bedrooms     1.75 bathrooms 1456 square feet    
   acres 0.110    year built 1974              $249,900 list price         $225,000 sold
NW Baltimore Ave        2 bedrooms     2 bathrooms      1172 square feet    
   acres 0.130    year built 2001              $225,000 list price         $225,000 sold
NW 4th St                   2 bedrooms     1 bathrooms      1078 square feet     
   acres 0.140    year built 1922              $244,900 list price         $230,000 sold
NW Federal                 3 bedrooms     1.50 bathrooms  1388 square feet    
   acres 0.115    year built 1946              $245,000 list price         $239,000 sold
NW Elgin Ave              3 bedrooms     1 bathrooms        980 square feet    
   acres 0.110    year built 1984              $239,500 list price         $240,100 sold
NW Element                3 bedrooms     2.50 bathrooms  1517 square feet    
   acres 0.080    year built 2012              $245,000 list price         $250,000 sold
NW Milwaukee Ave       2 bedrooms     2 bathrooms      1217 square feet    
   acres 0.070    year built 1995              $259,000 list price         $254,000 sold
NW Union St               2 bedrooms      2 bathrooms      1500 square feet    
   acres 0.110    year built 1920              $269,000 list price         $255,000 sold
NW Ithaca Ave            4 bedrooms      3 bathrooms      1972 square feet    
   acres 0.130    year built 1996              $262,450 list price         $262,450 sold
NW Milwaukee Ave      2 bedrooms      2.50 bathrooms 1214 square feet    
   acres 0.070    year built 2002              $265,000 list price         $265,000 sold
NW 7th St                   3 bedrooms      2 bathrooms     1508 square feet    
   acres 0.160    year built 1920              $265,000 list price         $265,000 sold
NW Davenport Ave      3 bedrooms      2 bathrooms     1487 square feet    
   acres 0.140    year built 1996              $249,900 list price        $267,000 sold
NW Albany Ave           3 bedrooms      2 bathrooms     1192 square feet    
   acres 0.130    year built 1923              $239,500 list price        $270,000 sold
NW 4th St                   2 bedrooms      2 bathrooms     1256 square feet    
   acres 0.110    year built 1922              $285,000 list price        $272,000 sold
NW Elgin Ave              3 bedrooms      2 bathrooms     1224 square feet    
   acres 0.115   year built 1996               $275,000 list price        $272,000 sold
NW Newport Hills Dr    3 bedrooms      2 bathrooms      1720 square feet   
   acres 0.210    year built 2012              $279,900 list price        $285,000 sold
NW Newport Ave         3 bedrooms      2 bathrooms     1350 square feet    
   acres 0.150    year built 1920              $299,900 list price        $285,000 sold
NW Elgin Ave              3 bedrooms      0 bathrooms     1365 square feet    
   acres 0.140    year built 1995              $289,000 list price        $289,000 sold
NW Cumberland Ave    3 bedrooms      2 bathrooms     1386 square feet    
   acres 0.115       year built 1925           $289,900 list price        $289,900 sold
NW Element                3 bedrooms      2.50 bathrooms 1718 square feet    
   acres 0.115      year built 2012            $295,000 list price        $295,000 sold
NW Criterion               4 bedrooms      2.50 bathrooms 2162 square feet    
   acres 0.100    year built                      $315,000 list price        $315,000 sold
NW Hartford Ave         3 bedrooms      2 bathrooms      1224 square feet    
   acres 0.180    year built 1965              $325,000 list price        $318,000 sold
NW Rockwood             4 bedrooms      2.50 bathrooms 2335 square feet    
   acres 0.230    year built 1996              $315,000 list price        $321,000 sold
NW Knoxville Blvd        5 bedrooms      2.75 bathrooms 2806 square feet    
   acres 0.210  year built 1996                $345,000 list price        $323,500 sold
NW 18th St                 3 bedrooms      2 bathrooms      1873 square feet    
   acres 0.270    year built 1995             $349,900 list price         $325,000 sold
NW Newport Hills Dr    3 bedrooms      2 bathrooms      1877 square feet    
   acres 0.130    year built 1995              $329,000 list price        $329,000 sold
NW Albany Ave           3 bedrooms       2.50 bathrooms 2238 square feet    
   acres 0.205    year built 1997              $350,000 list price        $339,000 sold
NW Stannium Road      3 bedrooms      2 bathrooms     2061 square feet    
   acres 0.210    year built 1998              $350,000 list price        $340,750 sold
NW Baltimore Ave        4 bedrooms      3 bathrooms     2439 square feet    
   acres 0.130    year built 2003              $369,900 list price        $369,900 sold
SW Allen Road             3 bedrooms      2.50 bathrooms 2014 square feet    
   acres 0.150    year built 1998              $389,000 list price        $389,000 sold
NW Baltimore Ave        5 bedrooms      3.50 bathrooms 3562 square feet    
   acres 0.130    year built 2006              $399,000 list price        $399,000 sold
NW Hill Point Dr          4 bedrooms      3 bathrooms       2842 square feet    
   acres 0.270    year built 1996              $419,000 list price        $409,000 sold
NW Harmon                4 bedrooms      2.75 bathrooms 2200 square feet    
  acres 0.115   year built 1992                $465,000 list price        $426,000 sold
NW 18th St                  5 bedrooms     4 bathrooms      4397 square feet    
   acres 0.390    year built 1998              $559,999 list price        $560,000 sold
NW Kingston Ave          6 bedrooms     4.50 bathrooms 3495 square feet    
   acres 0.400    year built 2003              $595,000 list price        $595,000 sold
Listing Count 43
Averages 1,732 square feet, $179.21 price per square foot,
   121/121 days on market,    $295,264 list price           $289,363 sold price
High 595,000                  Low 121,000                      Median 272,000

Pending

NW Precision               3 bedrooms      2.50 bathrooms 1718 square feet
  acres 0.110    year built 2012               $318,750 list price
NW 18th Ave               4 bedrooms       2 bathrooms     2248 square feet
   acres 0.210    year built 1994              $328,000 list price
NW Newport Ave         3 bedrooms       2.50 bathrooms 1724 square feet
   acres 0.110    year built 2012              $329,900 list price
NW Criterion               3 bedrooms       2.50 bathrooms 1718 square feet
   acres 0.120    year built 2013              $341,200 list price
NW Federal St              2 bedrooms      2 bathrooms     2376 square feet
   acres 4792    year built 1920                $425,000 list price
NW Troon Blvd            4 bedrooms      3 bathrooms     2429 square feet
   acres 0.200    year built 2012               $470,000 list price
Listing Count 27
Averages 1,635 square feet, $170.87 price per square foot,
   98/103 days on market,    $273,556 list price
High 470,000                   Low 135,000                       Median 282,000

Active

NW Newport Ave          3 bedrooms       1 bathrooms       855 square feet
   acres 0.110    year built 1920                $179,900 list price
NW 14th St                  4 bedrooms       1 bathrooms     1440 square feet
  acres 0.230    year built 1935                 $199,900 list price
NW Lexington Ave        3 bedrooms       1 bathrooms     1332 square feet
   acres 6098   year built 1937                  $229,000 list price
NW Fresno Ave            3 bedrooms        1 bathrooms    1120 square feet
   acres 0.120    year built 1916                $229,000 list price
NW Awbrey Road         3 bedrooms        1 bathrooms    1129 square feet
   acres 0.130    year built 1950                $307,000 list price
SW Knoll Ave               3 bedrooms        3 bathrooms     2259 square feet
   acres 11800    year built 1976               $313,900 list price
NW Kingston Ave          3 bedrooms       2 bathrooms     1596 square feet
   acres 0.140    year built 1980                $315,000 list price
NW Precision                3 bedrooms       2.50 bathrooms 2162 square feet
   acres 0.100    year built 2012                $319,000 list price
NW Union St                3 bedrooms        2.50 bathrooms  896 square feet
   acres 0.110    year built 2012                $329,000 list price
NW Albany Ave            3 bedrooms        3 bathrooms     2261 square feet
   acres 0.130    year built 1936                $345,000 list price
NW Criterion                3 bedrooms        2.50 bathrooms 2328 square feet
   acres 0.090    year built 2012                $345,000 list price
NW Rockwood Lane      4 bedrooms        3.50 bathrooms 2880 square feet
   acres 0.280    year built 1996                $350,000 list price
NW Newport Ave          3 bedrooms        2.50 bathrooms 2028 square feet
   acres 0.260    year built 1999                $364,900 list price
NW Federal St              3 bedrooms        1 bathrooms      1268 square feet
   acres 0.190    year built 1948                $375,000 list price
NW 17th St                  4 bedrooms        2.50 bathrooms 2642 square feet
   acres 0.170    year built 1998                $434,900 list price
NW Albany Ave            3 bedrooms        2.50 bathrooms 2000 square feet
   acres 5500    year built 2012                 $499,950 list price
NW Elgin Ave               3 bedrooms       2.50 bathrooms 2751 square feet
   acres 0.110    year built 2012               $559,950 list price
NW 17th St                  5 bedrooms       4.50 bathrooms 4312 square feet
   acres 0.260    year built 1999              $599,900 list price
NW Harmon Blvd          3 bedrooms       2.50 bathrooms 2712 square feet
   acres 0.190    year built 1992              $888,000 list price
NW Allen Road             3 bedrooms       3.50 bathrooms 2800 square feet
   acres 0.220    year built 2012             $1,195,000 list price
Listing Count 20
Averages 2,089 square feet, $203.22 price per square foot,
   79/79 days on market,    $418,965 list price
High 1,195,000                Low 179,900                     Median 345,000

Featured properties may not be listed by the office/agent presenting this blog.

Information has not been verified, is not guaranteed and is subject to change.
Source Central Oregon Realtors Association multiple listing service.