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.