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.