The Pendulum is Swinging in Bend, Oregon Real Estate: A Look at the Numbers

With trustworthy amounts of sunshine becoming a reality in Bend Oregon, people are starting to think about spring and summer activities. There are street festivals, outdoor concerts, paddle boarding, hiking, biking and so much more to do all around Central Oregon. Typically, spring also brings heightened activity in the Bend Oregon real estate market, where the number of available homes has been decreasing while the number of homes sold has jumped dramatically.

Realtorsâ and other crystal ball gazers study absorption rates—the comparison of inventory and sales figures used to calculate the theoretical number of days it would take to sell the plate clean. From this source, we can compare sales and listing totals accrued from December through May of this year with comparable six-month numbers in each of the three previous years (12 months in the case of 2008). The number of homes sold over the full period increased by 72% while the number of active listings dropped by 64%. (Figures based on MLS statistics for Bend, Oregon residential listings on less than one acre.)

Date of Report        Active Listings            Homes Sold in the Prior 6 Months

May 2008                    1417                            473

May 2009                    1131                            490

May 2010                    738                              639

May 2011                    513                              814

What follows is a little wonky but stick with us: Annual rates of change were not equal between active listings and sales. Six-month totals ending in May 2009 showed the number of active listings dropped 20% while the number of sales increased only 4% over the comparable period a year before. The pace of sales picked up considerably the following year, to 30%, increasing another 27% for the six months ending May 2011. The number of listings continued to dive, 35% and 30% in subsequent years, measured in comparable six-month periods.

Bend Oregon real estate sales exceeded the number of active listings for the first time in the six months that ended this May. During the same period, Bend had one-third as many residential real estate listings as it did in 2008 and nearly twice the number of homes sold. While we see more listings coming on the market as spring moves toward summer, the numbers don’t lie. We can see the pendulum swinging back toward a seller’s market. This is good news for homeowners, and a little push for buyers to start finding their dream homes.

With fewer active listings and more sales, demand is outpacing supply. And that’s something we can all cheer about! 

Bend, Oregon Zero Net Energy Home Takes Shape!

We're thrilled that the Zero Net Energy home in Bend, Oregon's NorthWest Crossing is making progress, with walls up and ready for "greening." But those walls will remain "open" for a little while yet.

That's because there's an "Open Wall Open House" planned for May 7, from 1-4 p.m. that will display some of the energy-efficient features of the home. The walls will showcase a special

EcoSeal product, installed and visible to visitors, to help them understand the comprehensive air tightening measures that go hand-in-hand with additional insulation.

One of the most ambitious targets in green building design, Zero Net Energy, has been associated with expensive custom homes that showcase leading-edge environmental technology. Now, thanks to developers Joe Emerson and Ann Brayfield, the home under construction in this forward-thinking Bend, Oregon neighborhood puts the Zero Net Energy concept squarely in affordable territory.

The three-bedroom home is located at 2328 NW Dorion Way. SolAire Homebuilders of Bend will have it ready for big Bend, Oregon real estate showcase: the 2011 COBA Tour of Homes in July.

The home is co-listed by brokers David Sailors of GoBend Realty and Alison Mata of The Garner Group Realtors and Development LLC.

A Receding Recession? Much Better Than, Say, A Receding Hairline

We just read an uplifting article (finally) in Oregon Business entitled:The recession is finally over in Oregon. With a headline like that, who couldn't help but read on? Sounds promising!

The article goes over some statistics that we've long held to be indicative of economic recovery - namely, the unemployment rate...

"By the end of March, Oregon’s jobless rate had fallen to 10 percent. Chances are good it will drop into single digits by the end of April for the first time in more than two years. The state gained 42,000 jobs over the past year."

...and the housing industry.

"At the current rate of home sales, the market would be cleared out in 7.1 months [in Portland]. (Imagine that – a clean slate!) Compare that figure to the 19.2 months worth of housing inventory on the market in January 2009, and you get a sense of where we’ve been and where we’re heading."

Of course, the article heeds a "not-so-fast" warning, but we'd rather not read that far...actually the article is right in that real estate is a tricky one - the figures don't always "add up" at any given time due to a number of variables.

The good news in Oregon is that, according to the article:

• Intel is building a $2.5 billion factory in Hillsboro and just announced its most lucrative quarter ever.
• Facebook is pouring millions into its Prineville data center.
• Google is investing $100 million in Eastern Oregon wind power.
• Crop and beef prices are up for farmers and ranchers.
• Crab and salmon prices are up for fishermen. There will be a salmon fishery off the coast this summer.
• Exports are growing, with the weak dollar playing in Oregon’s favor.
• New businesses are popping up in downtown Bend and Bend's Old Mill District.
• Statewide, trucking is up 26 percent year over year, online job ads are up 23 percent, and business and personal bankruptcies are down 3.4 and 8 percent respectively.

What does this mean for Bend, Oregon real estate? We think things are looking better than ever!

We Keep Growing and Growing!

We are pleased to welcome our two newest Bend, Oregon real estate brokers to the team: Suzanne Iselin and Natalie Raymond!

An Oregon native and graduate of the University of Oregon, Iselin first became an agent in 1999 while living in Hawaii and earned her Oregon license nine years ago. For her, real estate runs in the family as both her parents were long-term brokers in Oregon. She enjoys all the recreation the area has to offer with a special interest in tennis, skiing, hiking and biking.

Raymond obtained her Oregon broker’s license this year after moving to Bend from Phoenix, Ariz., where she was a business owner and partner in

an automotive financial services company. Previously, she was a real estate investor who managed home remodels and contractors, giving her a solid understanding this side of the real estate industry, which she now shares with her clients. She moved to Bend with her four daughters to be near her mother, who had also relocated to the area.

Interested in Bend, Oregon real estate? Then we can help! Our agents have a wide variety of experience and areas of expertise that can help you buy or sell your home in this swiftly changing market.

Open House in Bend, Oregon: Just Like the Old Days!

Last week, we hosted an open house in the Bend, Oregon neighborhood of Shevlin Pines, which has developed building sites and new homes near Shevlin Park on Bend's west side. Our 100 or so visitors loved the new neighborhood, commenting often on the larger lots and variety of builders that are building homes. This range of influences in home design keeps the streetscapes away from that "cookie cutter" feeling of many new areas.

The festive, positive atmosphere of this open house reminded us of events we used to hold during the glory days of Bend, Oregon real estate! Many visiting builders expressed interest in buying lots in the next phase of Shevlin Pines, which will be released in early spring 2011. The number of lots to be released in that phase are being determined over the next couple of weeks.

The best news of all? The home in which we were holding the open house SOLD during the open house! Luckily, our agent Shelley Griffin had a SOLD sign in her car to put up!

Bend, Oregon Real Estate 2010 Report Card

We are proud to say that we've just completed our third year as an independent real estate company on an optimistic note. The number of transactions we closed in 2010 was up 27% from 2009. Counting new residential construction in Bend, Oregon we were Number One in dollar volume at the end of the year with nearly 20% of the market. A snapshot taken among Central Oregon MLS members in late February 2011 ranked us No. 3 in Bend residential listings by dollar volume and No. 4 by number of listings, both up from the end of 2010. We continue to add new brokers and now have 19 licensed agents engaged in real estate sales. We realize success is something that is earned and we are grateful to our clients, builders and colleagues in the Bend, Oregon real estate community.

By the way, are you following us on twitter @thegarnergroup? Do you like us on Facebook? If not, please connect with us on social media to stay up-to-date on all the latest happenings!

The View From My Seat ;Bend Oregon Real Estate

As transaction coordinator for Bend, Oregon real estate company The Garner Group, I really feel it when things pick up because action in our sales office keeps me hopping! And lately, I’ve been very busy and noticing some interesting trends:

1. Multiple Offer Situations
My husband, who buys homes, was recently one of thirteen offers on a single property in the $250,000 range. Another agent in our Bend, Oregon office mentioned that she was ready to make an offer on a home, and when she called the listing agent there were 27 offers already made on the property. In fact, four other agents at The Garner Group have run into similar problems recently.

2. Low Inventory
Inventory in MLS is the lowest it’s been in a long time, with only 495 residential listings in Bend, Oregon right now. Last month’s inventory was in the 570 range, so this would indicate that houses are selling faster than agents can list them! (Seems like the perfect time to list a home, yes?)

3. Transactions, Transactions (I’m Busy!)
In January of this year I opened 41 transactions with 38 of those accepted and on schedule to close. To have 93 percent of the transaction written in our Bend, Oregon real estate office come together and close is fantastic. This is compared to January 2010, when I opened more than 30 transactions and only had 13 that closed as scheduled.

Another interesting note: MLS average sales price for 2010 was $191,750. The Garner Group average sales price for 2010 was $320,089. I think that’s pretty awesome and wanted to share! We’re working hard as your Bend, Oregon real estate experts.

Two New Brokers Join The Garner Group in Bend, Oregon

We're pleased to add two new agents to our Bend, Oregon real estate team! Both are licensed brokers in the state of Oregon.

Arlene Edwards has held an Oregon license since moving to Bend from California in 2008. A native of southern California, she was licensed in that state between 1991 and 2002, during which time she marketed new home communities for several large national building companies. She has earned the Certified New Home Sales Professional (CSP) designation from the National Assn. of Home Builders’ Institute of Residential Marketing, an advanced course designed for specialists in new home sales.

Victoria Davis earned her Oregon real estate license in 2010. A native of Kennewick, Wash., she graduated from the University of Puget Sound with a BS degree in geology. Her professional experience includes conducting hydrogeologic site studies for municipalities, private and corporate clients and environmental site assessments triggered by real estate acquisitions, permitting or divestiture. Victoria was a licensed Realtor in the state of Washington during the late 1990s, practicing in the Tri-Cities area.

Welcome Victoria and Arlene!