How to Use this Information
Buying or Selling a home in Central Oregon can be impacted by numerous factors. The information posted below can give you some idea of what to expect when trying to purchase a home in Central Oregon, and conversely, what to expect when you are thinking of selling your home. This information is updated quarterly and can be helpful if you understand what these reports represent and adjust your expectations accordingly. The Jones Group @ Sunriver Realty is available to help explain the marketplace to you, make arrangements to list your home for sale or bring buyers to your doorstep.
This number represents all homes sold in each specific region, inclusive of those that were sold as short sales or by the bank.
# of Short Sales
While this number has been reduced over the last several years after reaching an alarming number in the post-financial crisis, some still exist. A short sale involves the sale of a property below the current balance of the loan. The homeowner is often willing to take whatever the buyer offers, within reason. Do not expect to ask for repairs to be done as a condition of the sale. These can be as-is transactions but are often priced fairly (what the market will tolerate) and not high enough to satisfy the seller’s outstanding mortgage obligations.
# of Bank Owned Sales
This is different than a short sale, where the owner is attempting to satisfy the bank loan even if they still bear some burden of repaying the balance. A bank owned sale often involves a foreclosure and in many instances, this type of sale did not end well. Because the homeowner did not want to leave, they tend to take their frustration out on the property. This is possibly the worst kind of as-is sale. Tighter lending standards have reduced the number of these properties on the market. These types of homes, while inexpensive, may be considered fixer-uppers in the truest definition of the term.
Average Sales Amount
This number represents all of the homes sold and the price they were sold for, divided by the total number of homes. It may not accurately represent the price you will pay because it does not eliminate incredibly expensive homes or those sold at the bottom of the price range.
Median Sales Amount
This number represents the price of homes sold in a particular area, priced right in the middle of a set of homes. It doesn’t exclude the least expensive or most expensive homes; it looks only at the middle of the range. The closer the average and the median are, the more accurately you can price a specific market.
Days on the Market
This is probably the most elusive definition in real estate with the exception of what constitutes a bedroom. In truth, this is a people problem, not one of time. A house may be ambitiously priced and sit until the seller decides to be more cooperative with the market, or it may have been listed for numerous months months, removed and then relisted and sold in a week, or, it takes into account the fact that people rarely sell homes in the winter months. (In Central Oregon that may last longer than six months.) The right question to ask is how long your realtor has had the homes they are representing on the market. Because they will show you homes listed with other realtors, the time issue may be a result of those “other” offices having poor management of clients and their inventories.
At the Jones Group @ Sunriver Realty, we are proud of our sales records and we attribute our success to our experience, our knowledge of the Central Oregon market, and of course to our ability to nurture our relationships with clients.