Thursday, January 31, 2013

Pending Home Sales for December 2012

According to the National Association of Realtors®Pending home sales declined in December but have stayed above year-ago levels for 20 consecutive months.  As of this posting there were 357 pending residential sales in Bend.  This does not include Redmond, Sisters, Sunriver or any other outlying towns.
LINK to MLS search for homes for sale in Bend.

The Pending Home Sales Index is a forward-looking indicator based on contract signings, fell 4.3 percent to 101.7 in December from 106.3 in November but is 6.9 percent higher than December 2011 when it was 95.1. The data reflect contracts but not closings.

Lawrence Yun , NAR chief economist, said there is an uneven uptrend. "The supply limitation appears to be the main factor holding back contract signings in the past month. Still, contract activity has risen for 20 straight months on a year-over-year basis," he said. "Buyer interest remains solid, as evidenced by a separate Realtor® survey which shows that buyer foot traffic is easily outpacing seller traffic."

Yun said shortages of available inventory are limiting sales in some areas. "Supplies of homes costing less than $100,000 are tight in much of the country, especially in the West, so first-time buyers have fewer options," he said. "We expect a seasonal rise of inventory in the spring to help, but a seller's market may be developing. Much of the West is already a seller's market for homes priced under a million dollars, but conditions are much more balanced in the Northeast."

Even with tighter inventory, a pent-up demand and favorable affordability conditions bode well for the market. Yun expects existing-home sales to increase another 9 percent in 2013, following a 9 percent rise in 2012.

The Pending Home Sales Index in the Northeast fell 5.4 percent to 78.8 in December but is 8.4 percent higher than December 2011. In the Midwest the index rose 0.9 percent to 104.8 in December and is 14.4 percent above a year ago.

Pending home sales in the South declined 4.5 percent to an index of 111.5 in December but are 10.1 percent higher December 2011. In the West the index fell 8.2 percent in December to 101.0 and is 5.3 percent below a year ago.

Inventory of real estate for sale in Bend is down but there are still some really good buys available.  Interest rates are near all time lows.  Check out our web site for quality homes.  Bend Real Estate

Saturday, January 19, 2013

Bend Real Estate Prices Rise in 2012

Bend Oregon Real Estate prices rose in 2012.  Home sales in Bend were up in every category.  The average sales prices was $263,556, up 10.65% from 2011.  The median sales price was 220,395, up16.00%. BEND OREGON MLS SEARCH 

The number of short sales was down 15.77% while bank owned homes were down 28.47%.  There were 299 bank foreclosed homes sold compared to 418 in 2011.  The banks have been more open to short sales in the last few years.  That results in a reduction of foreclosures.

Dollar volume of homes sold was up 30.10% while the number of homes sold was up 17.58%  The averalge days on the market was 132 down 4.35% from last year.

Statistics can be boring but the bottom line is now is the time to buy before prices and inventory goes down even more.  Interest rates are at historical lows and there are still some exceptionally good buys on the market.  Current prices are a little over 50% of what they were in 2006.

If you would like see current foreclosures for sale click here.  This link is updated daily.

Call or e-mail if you would like to look at homes in Bend or Central Oregon.

Tuesday, January 1, 2013

Pending Real Estate Sales Rise Again in November 2012

Bend Oregon Real Estate sales would be higher but inventory is at a very low level.  Bank foreclosures may increase as lenders are switching over to Judicial foreclosures which should provide more inventory in 2013.

Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.7 percent to 106.4 in November from a downwardly revised 104.6 in October and is 9.8 percent above November 2011 when it was 96.9. The data reflect contracts but not closings.

The index is at the highest level since April 2010 when it hit 111.3 as buyers were rushing to beat the deadline for the home buyer tax credit. With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 when the index reached 107.9.

Lawrence Yun , NAR chief economist, said home sales are on a sustained uptrend. "Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."

On a year-over-year basis, pending home sales have risen for 19 consecutive months.

The upward momentum means existing-home sales should rise 8 to 9 percent in 2013 to approximately 5.1 million, following a 10 percent gain expected for all of 2012. The median existing-home price is projected to rise just over 4 percent in 2013, after rising more than 7 percent in 2012.

The Pending homes sales index in the Northeast rose 5.2 percent to 83.3 in November and is 15.2 percent above a year ago. In the Midwest the index edged up 0.1 percent to 103.8 in November and is 15.2 percent above November 2011.

Pending home sales in the South were unchanged at an index of 117.2 in November and are 13.9 percent higher than a year ago. In the West the index rose 4.2 percent in November to 110.1, but is 3.2 percent below November 2011 with inventory constraints limiting sales.

Home prices in Bend are now rising but interest rates are at an all time low.  Now is a great time to by real estate in Central Oregon.  You can search all homes for sale in Central Oregon at Bend Oregon Real Estate Expert.