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.
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