Sunriver Real Estate Late Quarter update - Q2 2011

     We are 2 months into the second quarter of 2011.  We have 35 transactions on the books for this quarter so far ( 23 closed sales and 12 pending sales).  26 of these are homes and 9 are Condo’s, timeshares and one hangar space.  We are tracking toward closing 35-40 transactions this quarter and close to $10 million in home volume, with another $2-2.5 million in condo’s and other product for a total of around $12 million in total transaction volume for the quarter.  We are going to come in a little behind last years numbers, primarily because the average price of a home sold this year is down substantially from last year.   This is because last year the lowest priced home sold in the quarter was $300K, this year we have 7 homes sold or pending under $300k.  Also last year we had 5 homes sold over $640K, this quarter we have none.
     On the good news side we are seeing marketing times moving down (Q4 10 was 333 DOM, Q1 11 was 309 DOM, Q2 11 is currently 221 DOM).  The other interesting factor is we have 157 homes on the market as of  today, at the middle of July last year we had 240 homes on the market.  I do believe we are not going to get that high this summer which should help the market.  If you have a Condo listed, we are also seeing much more interest in that product this year than we did last year.  This is really the season when Condo’s start to see some activity.
     May has been a weather challenged month in Central Oregon with more wet cold weather than we normally see, this may have contributed to sales not picking up more.  School is getting out earlier this year than last and that should give us a faster start to the Summer season.   Bennington Properties had 80% of there homes booked for Memorial Day weekend and we did have lots of buyer traffic this weekend.  I do believe that the new aquatic center is creating a big buzz and it will really help Sunriver.

Questions, comments please contact me.

Looking forward to a great Summer.

Thanks, John.

Sunriver Real Estate mid Quarter update - Q2 2011

     In the second quarter of 2010 Sunriver closed 36 transactions (homes, condos, land) for a total dollar value of $13.3 million.  Of those transactions 20 of them were homes, 14 were condos and the were 2 lot sales.  At this mid point of the second quarter of 2011 we have 30 transactions on the books (sold or pending) 22 homes and 8 condos.  If we close 100% of these transactions before the end of the quarter the dollar value of these transactions will be approximately $10 million.  The average price of a home sold this quarter is running about $375K compared to $535K last year in the second quarter.  Average days on the market is almost the same around 230 and average price per square foot is $195 vs $211 last year.  We are selling more smaller homes this year compared to last year.

     I do think we have a good chance to match last years numbers for the second quarter, but we are going to have to sell about 20% more homes to do it.  The buyer traffic is picking up, but they are very careful and most know exactly what they want and they are unwilling to compromise as they clearly feel they have time.  One very interesting factor is that we only have 150 homes on the market currently.  Last year by mid summer we had 240, I think there is a good possibility that we have seen most the panic sellers and we may not get up anywhere close to that number of homes on the market this year.

If you have any question or comments please contact me.

John.