Sunriver Homes Sold and Sunriver Real Estate Price Per Square Foot Analysis
While looking in the local Central Oregon Multiple Listing Service, I decided to pull some real estate statistics to see if those numbers could provide any insight into today’s Sunriver Real Estate Market. Local MLS offices are trusted sources of real estate information because the MLS services typically have tight rules and guidelines to help guard against abuse and misreporting. Here is what I found…
All statistics are for Single Family Residences (traditional home), townhomes, and condos. Timeshares and shared interests are excluded from the statistics.
January 2010 6 Sunriver Homes either pending or sold.
January 2011 9 Sunriver Homes either pending or sold, a increase of 33%.
- From September 1st 2009 through January 31st 2010 (5 months) 56 homes were pended or sold.
- From September 1st 2010 through January 31st 2011 (the last 5 months) 60 homes were pended or sold, a increase of 9%.
Thats good news right? Well yes, but there is more to the story…
- The average price per square foot for homes pended or sold in January 2010 was $214
- The average price per square foot for homes pended or sold in January 2011 was $198 a drop in value of 8%. The 8% decrease in price per square foot will probably decrease even further once the pending properties close escrow. The reason for this is the list vs. sale price statistic. The pending/list price is not the actual sale price. At close of escrow the actual sale price is reported and that number within this depressed real estate market is almost always reduced from the list price. Right now Sunriver runs somewhere in the neighborhood of 94% and above when it comes to list price vs. sale price.
So why the lack of positive correlation between home sale and home values? One would think logically that a heightened demand would command a higher value, whether talking about the Lima bean market or the real estate market. My immediate speculation leads me to believe that because the market was so stagnant for so long, even though the real estate market in Sunriver is moving again it is not moving fast enough to absorb the mass amount of homes that have been on the market at such a deflated price per square foot for so long. At Least we are moving that way though! Stay tuned for more info…