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Energetic March Home Sales in Bend Lead to Tight Spring Market

When we think about Spring, we often talk about the saying that the month of March comes in like a lion and goes out like a lamb when it comes to the weather. Yet March also showed that the real estate market for single-family homes became fierce this year, as buyers are flooding the neighborhoods snatching up the available housing inventory.

Duke Warner Realty compiled data about the Bend real estate market and found something amazing. The market started with 2.3 months of available inventory in March, matching the same inventory levels as in June 2013 and is one of the lowest marks in this region for the last 10 years. For March 2016, there were 185 sales conducted at the closing table. This number was significantly higher than February which closed out at 125 sales and March 2015 that showed 164 sales.

Duke Warner CBN April Chart Final

Sellers are not matching the enthusiasm showed by buyers.

While buyers are ready to place their money down on the table for new homes, sellers aren’t rolling out to place the For Sale signs in windows. There were only 383 active home listings in February and March. These numbers are down from the 401 active listings that were available last year.

Buyers aren’t slowing down despite the low inventory numbers. At the end of March, there were 276 sales pending, which is close to the same number of pending sales for March of last year at 278. Only the sales figures in March 2013 showed more than 200 pending sales (209) for the last ten years.

Home prices are rising as inventory falls.

It doesn’t look like buyers will be slowing down with their home search as the weather improves. This circumstance leads to a tighter sales market with fewer active listings and an uptick in home prices. Looking back at March, this trend has already started.

March median sales prices ranged at $346,000, which was up from February’s median prices of $331,660. The first quarter of 2016 landed at $333,045 median sales prices, which is significantly up from 2015’s first quarter of $322,800.

Duke Warner Realty’s March report also shows 4 other striking real estate statistics:

1: Homes spent an average of 130 days on the market in March as this number is similar to March 2015 at 132 days. This figure is lower than February 2016’s figures of 142 days on the market.

2: Home inventory for prices at the $625,000 range and higher shows active listings of 120 available homes on April 1st. This larger inventory will allow buyers to shop and compare a variety of homes. Also in April, there were 85 active listings in the next desired price range of $325,000 to $425,000.

3: Buyers were aggressively looking for homes in the $225,100 to $325,000 price range as there were 69 sales out of 185 sales conducted in March. The next desired price range for buyers was $325,100 to $425,000 as 44 homes were sold.

4: In the Bend region, the home market for properties priced at $225,000 or lower was almost nonexistent. Only eight homes were sold in March as 5 new listings showed up on the market at that price.

Having such comprehensive market data available allows home sellers and buyers to make the right choices for listing and buying homes in Bend, Oregon. Learn more about what Duke Warner Realty can do to help you navigate the real estate market by calling us at (541) 382-8262, following our Facebook page, or visiting dukewarner.com.

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Video tour

The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.

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Real Estate Roundup!

May new home sales gain 2.2% from April

Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire

3 ways to tame student loan debt and afford a mortgage

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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