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.