In keeping with our discussion on how home inventory information can impact the housing markets on both the buyer’s side and the seller’s efforts, we turn our focus to Caldera Springs. The newest jewel in the Central Oregon resort living crown, Caldera Springs has become the destination for the high-end residential shopper.
As we have noted in previous posts (as well as an article in the April Sunriver Scene), home inventory statistics can give a buyer some much needed insight on how well a housing market is performing by simply examining how long a home has been on the market. The “why” a property has remain unsold depends on the length of time it has been listed. If, for instance, the average home has been on the market for less than four months, potential buyers can expect to pay a premium for the property. In this instance, the quick turnover indicates a great location with a high demand. This also suggests that sellers are asking and receiving the price they are asking, possibly even more than fair market value.
On the other hand, properties that remain unsold on the open market for longer than nine months may be the result of several different issues. Perhaps the financial aspect of buying a home has become prohibitive (i.e., high interest rates) or the area has undergone some less-than-favorable transitions that has made buyers sour on the area.
Or, as is the case with Caldera Springs, not enough houses are available to meet the basic demand. As of this writing, there are only nine homes for sale. While in any other area, this might translate into a seller’s market, this is not quite the case in this area. Lack of selection and the promise of new building permits may be giving potential buyers a reason to pause.
But if you dig just beneath the surface, you will find an area that may indeed be a balanced market, hitting that sweet spot where homes are priced close to true value for some time to come. Located adjacent to Sunriver and nestled in the scenic Newberry Crater, this development boasts some equally high-end amenities for full-time residents and those looking to use their home part-time. A world class Bob Cupp-designed gold course, acres of nearby recreation in the form of lakes, trails, and sports courts make this community a singular event in the recreational property landscape that was already beyond compare.
The average home price in this area is $750,000, with each home coming complete with a wide range of upscale finishes. The good news for sellers and those who buy into this beautiful community: your value will be long lasting. Caldera Springs has managed its growth by carefully considering each new permit. As of this writing, there are currently twenty new homes under construction with many more scheduled. This creates price stability without the normal price exuberance that usually comes with “hot” properties.
So while the home inventory information might point to a seller’s market, it is moving gradually to be a more balanced, albeit, high-end development and that should create a long range price stability as well as price appreciation.
How can we assist you today?
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
Karen Marcy, Broker/Realtor
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
Mobile: 541-420-3725 | Mobile: 541-420-4018 | Mobile: 503-327-9611 | Fax: 541-593-5123
Licensed in Oregon