Major commercial real estate sectors continue to improve, albeit slowly, with gradual economic improvement and job creation driving absorption of space, according to the National Association of Realtors quarterly commercial real estate forecast. Bend's commercial real estate tends to lag behind national trends except for the Multiple family units. Search multiple family units here.
Lawrence Yun, NAR chief economist, said rental housing demand has been exceptionally strong. "Rent increases have been higher in multifamily housing where supply is not matching strong demand, thereby allowing landlords to raise rents at faster rates," he said. "Overall commercial real estate leasing activity continued to grow in most markets during the closing months of 2012, which is modestly lowering vacancy rates in all of the commercial sectors early this year."
National vacancy rates over the coming year are expected to decline 0.4 percentage point in the office market, 0.4 point in industrial, 0.3 point for retail and 0.1 point in multifamily, with that sector experiencing the tightest availability.
"Business spending is expected to rise faster in 2013 because of record high corporate profits. Low interest rates also are permitting companies to improve their balance sheets," Yun said.
NAR's latest Commercial Real Estate Outlook offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS, Inc.,2 a source of commercial real estate performance information.
Office Markets
Vacancy rates in the office sector are forecast to fall from a projected 16.0 percent in the first quarter to 15.6 percent in the first quarter of 2014.
The markets with the lowest office vacancy rates presently (in the first quarter) are Washington, D.C., with a vacancy rate of 9.4 percent; New York City, at 9.6 percent; and Little Rock, Ark., 12.1 percent.
Office rents should increase 2.6 percent in 2013 and 2.8 percent next year, following a 2.0 percent gain in 2012. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is expected to total 34.0 million square feet this year and 42.3 million in 2014.
Industrial Markets
Industrial vacancy rates are likely to decline from 9.6 percent in the first quarter of this year to 9.2 percent in the first quarter of 2014.
The areas with the lowest industrial vacancy rates currently are Los Angeles and Orange County, Calif., each with a vacancy rate of 3.6 percent; Miami, 5.6 percent; and Seattle at 6.0 percent.
Annual industrial rents are projected to rise 2.3 percent this year and 2.6 percent in 2014, after increasing 1.7 percent last year. Net absorption of industrial space nationally is likely to total 121.8 million square feet in 2013 and 103.5 million next year.
Retail Markets
Retail vacancy rates are forecast to slide from 10.7 percent in the first quarter of the year to 10.4 percent in the first quarter of 2014.
Presently, markets with the lowest retail vacancy rates include San Francisco, 3.5 percent; Fairfield County, Conn., at 4.2 percent; and Orange County, Calif., 5.2 percent.
Average retail rents will probably rise 1.5 percent in 2013 and 2.1 percent next year, following a 0.8 percent gain in 2012. Net absorption of retail space is seen at 11.9 million square feet in 2013 and 16.4 million next year.
Multifamily Markets
The apartment rental market - multifamily housing - should see vacancy rates ease from 4.0 percent in the first quarter to 3.9 percent in the first quarter of 2014; vacancy rates below 5 percent generally are considered a landlord's market with demand justifying higher rents.
Areas with the lowest multifamily vacancy rates currently are New Haven, Conn., at 2.0 percent; New York City, 2.1 percent; and Minneapolis and Syracuse, N.Y., each at 2.5 percent.
Average apartment rents are expected to increase 4.6 percent this year and 4.7 percent in 2014, after rising 4.1 percent in 2012. Multifamily net absorption is projected at 270,600 units in 2013 and 253,200 next year.
The Commercial Real Estate Outlook is published by the NAR Research Division. NAR's Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.
Vacancy factors in multiple family dwellings in Bend are going down and rents are going up. Contact us today with any questions you might have. CONTACT
Monday, March 4, 2013
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
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.
BEND OREGON BANK FORECLOSURES
Call or e-mail if you would like to look at homes in Bend or Central Oregon.
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.
BEND OREGON BANK FORECLOSURES
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.
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.
Sunday, November 25, 2012
NorthWest Crossing New Homes
There were more new homes sold in NorthWest Crossing in the last year than any other west side neighborhood in Bend. There were 59 new homes sold and currently 10 new home sales pending! There are also 11 new homes currently for sale. Several of these homes are under construction.
The average square footage of the homes sold was 1,817 and the average price per square foot including the lot was $218.60. It seems that NorthWest Crossing is one of the most sought after neighborhoods in Bend.
New homes in NorthWest Crossing must adhere to Earth Advantage guidelines for many different environmental factors including but not limited to insulation, southern exposure, passive and active solar systems, earth friendly finishing and much more. You can go to their web site to all of their requirements.
To see all homes currently for sale in NorthWest Crossing click on this link: NorthWest Crossing Homes.
To see a YouTube Video on Northwest Crossing click on the link.
One of the most sought after builders in Bend and NorthWest Crossing is Tracy Thompson owner of Tyee Development. You can view his website at Tyee Development. At Bend Oregon Real Estate Expert we highly recommend Tracy to build your new home.
If you would like to see any homes in NorthWest Crossing or discuss the construction of your new home feel free to contact us.
The average square footage of the homes sold was 1,817 and the average price per square foot including the lot was $218.60. It seems that NorthWest Crossing is one of the most sought after neighborhoods in Bend.
New homes in NorthWest Crossing must adhere to Earth Advantage guidelines for many different environmental factors including but not limited to insulation, southern exposure, passive and active solar systems, earth friendly finishing and much more. You can go to their web site to all of their requirements.
To see all homes currently for sale in NorthWest Crossing click on this link: NorthWest Crossing Homes.
To see a YouTube Video on Northwest Crossing click on the link.
One of the most sought after builders in Bend and NorthWest Crossing is Tracy Thompson owner of Tyee Development. You can view his website at Tyee Development. At Bend Oregon Real Estate Expert we highly recommend Tracy to build your new home.
If you would like to see any homes in NorthWest Crossing or discuss the construction of your new home feel free to contact us.
Thursday, October 25, 2012
New Home Sales Up 5.7%
The Commerce Department reported new home sales rose 5.7% in September from the previous month to the highest rate in more than two years as the housing market continued to surge.
The nation's home builders sold houses at an annual rate of 389,000 in September. That was an increase of 5.7% from August and 27% more than last September. It was the highest level since April 2010 when a federal home buyer tax credit boosted sales
Job gains, low mortgage rates and pent-up demand are driving sales, now that the economy is healing after the recession. New home sale in Bend Oregon are also up. To see new homes currently for sale in Bend see our web site LINK to New Homes for sale in Bend Oregon. Please call Bend Oregon Real Estate Expert today for help in finding your new home.
The nation's home builders sold houses at an annual rate of 389,000 in September. That was an increase of 5.7% from August and 27% more than last September. It was the highest level since April 2010 when a federal home buyer tax credit boosted sales
Job gains, low mortgage rates and pent-up demand are driving sales, now that the economy is healing after the recession. New home sale in Bend Oregon are also up. To see new homes currently for sale in Bend see our web site LINK to New Homes for sale in Bend Oregon. Please call Bend Oregon Real Estate Expert today for help in finding your new home.
Tuesday, October 9, 2012
Bend Oregon Weather
Bend, Oregon has great all around weather and it looks like our Indian summer is coming to an end. If the weather man is right we should get some much need precipitation this weekend.7-Day Forecast for Latitude 44.06°N and Longitude 121.3°W (Elev. 3598 ft)
Bend's four seasons are one of the many reasons people are moving to Bend and buying Bend Oregon real estate. Spring, Summer, Winter and fall there's a festival in downtown Bend to celebrate the season. Since we don't do much skiing in the winter we choose to head south in our motor home for a few weeks.
Of course our summers are beautiful. This past summer while most of our out of state relatives were in the high 90s and/or over 100 degrees we were have days in the 80s with cool evenings to cool the house down.
If you are thinking of moving to Bend check out our web site for more information and to search the multiple listing service for the home of your dreams.
Bend's four seasons are one of the many reasons people are moving to Bend and buying Bend Oregon real estate. Spring, Summer, Winter and fall there's a festival in downtown Bend to celebrate the season. Since we don't do much skiing in the winter we choose to head south in our motor home for a few weeks.
Of course our summers are beautiful. This past summer while most of our out of state relatives were in the high 90s and/or over 100 degrees we were have days in the 80s with cool evenings to cool the house down.
If you are thinking of moving to Bend check out our web site for more information and to search the multiple listing service for the home of your dreams.
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