Sunriver Real Estate Q4 2009 progress report #2

With the addition of 12 new deals in November 2009 the  total potential for Q4 2009 has gone up to 43 transactions.  Now I am sure they will not all close before the end of December but we have already done 27 deals this quarter, so we will surely beat last year as we only did 27 all quarter.  We have 16 pending deals that could close before 12/31/09.  That would give us over $16 million in volume, but as I already pointed out that is unlikely, but getting over last years $14.3 million is not out of the question.  These numbers are for homes and lots, and do not include condo's.  Condo sales continue to be very slow.

The good news here is that we are getting traffic and they are buying.  Q4 will hopefully push a nice carry over of pending deals into Q1 10 and keep the momentum into next year.  All the national numbers are showing continued improvement and interest rate are still below 5%.

Lets hope the holiday's and early snow in the mountains bring in the buyers!!!

Happy holidays.

John.

Sunriver Real Estate Q4 2009 progress report

The $10 million carry over of 23 pending deals and 8 new deals in October has us with a current potential of 31 transactions totaling and estimated $12.4 million in volume for Q4 09. What we would really like to see is the quarter top $14.3 million which would give us our first quarter over quarter gain in over a year.

Sunriver has 191 homes currently on the market. That number will most likely drift down over the winter from the summer high of 232. Most Brokers in Central Oregon believe that the housing market here has bottomed out and that we are bumping along the bottom. If the economy continues to improve, unemployment levels off and starts to improve and the banks start lending again we will start to see housing improve.

I will update these numbers at the end of November, Happy Halloween!!!!

Sunriver Real Estate Q3 2009 final results

We closed out Q3 09 with a transaction volume of $10.3 million and 27 closed deals. By comparison Q3 08 had 25 closed deals and $12. 5 million in volume. Q3 09 had a carryover of pending deals from Q2 of $3.3 million and 10 transactions. The good new is that the carry over from Q3 09 to Q4 09 is 23 transactions and $10 million in volume. Q4 08 had 27 transactions and 14.3 million in volume, with the big carry over from Q3 09 to Q4 09 we could finally see a quarter over quarter $ volume increase in Q4 numbers.

Sorry for all the numbers, but they do tell the story. We are selling as many or more home than we sold last year in Sunriver, they are just less expensive homes. The market is improving because sellers are pricing there homes to sell and interest rates are now finally back below 5%.

The combination of low prices and low interest rates makes this truly the best of times if you are a buyer.

Sunriver Q3 2009 coming to and end

The good new is we have gotten to 25 transactions this quarter and there is still time to get a few more closed. We are at about $9,8 million in gross sales. There are currently 19 pending transactions that will role to Q4 for total of $8 million.

We are still not seeing any action at the high end of the market in Sunriver, but assuming the recovery continues we should see that end of the market pick up in 2010.

I will update with final numbers around the 3rd of October for Q3 09.

Sunriver Real Estate - A tale of two Summers

The Summer real estate season in Sunriver has ended. 2009 saw a 34% decline in the value of homes sold compared to 2008. Interestingly 2009 had 24 transactions ( $8.8 million) and 2008 had 27 ($13.4 million), so the actual number of buyers was not significantly different. Buyers in 2009 were clearly taking advantage of the availability of many more low priced homes on the market than we have seen in a number of years in Sunriver. Much of this activity took place late in the summer selling season as people began to feel that the market in Sunriver had bottomed out.

Another piece of good new is that we closed out the season with 21 pending transaction totaling $9.4 million. These transactions should close in the next few months.

We still have 70 homes for sale in Sunriver under $400K. This will continue to give the bargain hunters lots to choose from as we move into the fall.

High end properties and lot sales continue to be hardest hit part of the market. As the economy continues to improve we do expect this part of the market to start to show some signs of life.

Sunriver Market update for Q3 09

Early this quarter I was very hopeful that we had a shot at beating last years 3rd quarter numbers and starting to feel the market turning around. Unfortunately I do not think we are going to get the job done this quarter.

Q3 2008 had 25 closed transactions in Sunriver for a total volume of $12.8 million. So far in Q3 2009 we have 7 closed transactions and 17 pending transaction for a total of 25 with an estimated value of $9 million which at this point is likely to be the best we will do this quarter. This assumes that all 17 pending sales close by 9/30/09. The good news is we have the same number of transactions, they just reflect a much lower average sales price.

Q4 2008 had 27 transactions and a total $ volume of $14.4 million, so at this time I would have to estimate that if we do not see a return of the high end buyers before the end of this year we will not start to see year over year increases until Q2 2010.

Central Oregon Million $ market update

Central Oregon like the rest of the country has seen the high end of the Real Estate market moving very slowly. So far in 2009 Central Oregon has 13 closed sales over $1 million and 7 pending sales for an estimated sales value of $26 million. This represents less than 50% of where we were at this time last year. As of the 1st of August 2008 we had close 37 sales for a total of $52 Million.

With the stock market continuing to show improvement and new of the housing market continuing to show improvement we are confident that that the high end buyers will begin to return to the market by next year.

Sunriver Market update for Q2 09

30 days ago I forecasted that we would have 19 closed sales in the 2nd quarter, we had 19 sales. The total value of those sales was $6.3 million. These numbers represent a 66% reduction in volume of business in relation to Q2 08. The average sales price as a % of list price was at 92% which has held steady for the last 2 quarters. We still have not seen any $1 million homes change hands this year in Sunriver.

As for Q3 09 we are starting the quarter with 10 pending deals for a total of $3.3 million. Q3 08 had a volume of $12.5 million and 25 transactions. We have seen an up tick in traffic, so I do think we have a good chance at matching or exceeding that dollar volume this quarter.

Our inventory is up and the prices are the best we have seen in years. Now is the time to buy.

Check out my website at www.benningtonproperties.com/bennington_homes_for_sale.htm

Sunriver Market update for Q2 09

We have seen some new sales come on since my last update. We now have 14 closed sales at an average of about 93% of list price and we have 8 pending deals. Most of the pendings should close by month end and if they do the Quarterly total would be around $7.7 million. That assumes the 93% of list price holds for the pending listings.

Currently in Sunriver we have 202 homes, 54 condos, and 19 lots on the market.

To shop for Central Oregon real estate try our website

www.benningtonproperties.com/bennington_homes_for_sale.htm

High end real estate in Central Oregon

Central Oregon resort market is still slow at the high end. There have been 7 sales over $1 million since the 1st of the year. 3 in Bend, 1 Caldera springs, 1 Pronghorn, 1 Redmond, and 1 in Black Butte.

Current summary of $1 million homes on the Resort market:
Pronghorn - 20
Sunriver - 19
Caldera - 8
Brasada - 8
Crosswater - 8
Black Butte - 8
Tetherow - 3

Lots of good buy, contact me if you would like to get more information on any of these properties or locations. All of these resorts have fantastic golf and we are at the top of the season.

Don't miss your best opportunity to buy

The new unemployment numbers are down and interest rates are heading higher. These are clear signs that the recession may be ending and growth may be returning. There will be a period where home prices are going to remain low and rates very favorable....that time is NOW. The inventory of homes in Sunriver and Caldera Springs are at summer levels. We have lots to choose from and our prices are the best we have had in years.

If you have been waiting now is the time to look seriously for a vacation resort property in Central Oregon.

Pending Home sales show strength

National Association of Realtors today announced that pending home sales for US markets were up for the 3rd straight month at 6.7%. That number represents the biggest gain in 7.5 years. The low interest rates, new home buyer incentives and lower prices have help see a return of buyers.

The view is that we may be seeing the bottom of the housing market and as the Summer month come we should start to see improvements across the board in the real estate market.

Sunriver Market update for Q2 09

We are 2 months into the 2nd quarter of 09 and Sunriver is still running significantly behind last years numbers. Currently in Sunriver we have closed 9 sales this quarter and there are 10 pending sales that should close this quarter. That would give us a total of $ 7 million in transaction for Q2 2009. Q2 2008 was an $18.5 million quarter with 38 transactions, we will not get anywhere close to that number this year.

Sunriver has a much better chance of seeing a year over year increase in sales in Q3 as the economy continues to improve. Q3 in 2008 was only $12.8 million in sales with 25 transaction closing. Q3 is typically our biggest period of activity and this year it should be a bell weather indicator to the question of "has the market bottomed"?

In Sunriver the under $500k property is the hot area with the current average running at $376K for properties sold. With the continuing disparity between conforming loans and jumbo's the high end market continues to be virtually non-existent.

High end real estate in Central Oregon

The high-end real estate market in Central Oregon has been very slow since the 1st of the year. In all of Central Oregon there have been 7 homes sold over $1 million and there are currently 3 more pending. They average $1.5 million and 4,000 sqft.

In the broad market in from Sisters to Prineville and Redmond to Lapine there are 282 homes on the market over $1 millon, 138 of them are on an acre or less. At the current pace we have a very large supply of million $ plus homes.

Of the homes included above here is a summary of the availability of homes in that price range in the major resorts in the area:

Pronghorn - 20 homes

Sunriver - 17 homes

Tetherow - 3 homes

Brasada - 8 homes

Caldera - 8 homes

Crosswater- 7 homes

Black Butte- 4 homes

There are a lot of beautiful homes to choose from and we are ready for the high end buyers to return. Most of these homes are available at bargain prices that will not return once the market and the economy begin to strengthen. Its time to buy!!!

Sunriver Market update for Q2 09

In 2008 Q2 volume was 38 transaction, 2 land sales and 36 home & condos sales for a total $ volume of 18.5 million. So far in 2009 we have 4 closed sales and 11 pending deals that should close this quarter for a total of $5.4 million. The good new is that we are about 1/2 way through the quarter. It does not look like we are going to match last years volumes as it is clear that people are still not confident that the market is really at the bottom.